Near Record Low Mortgage Rates Sends Pending Home Sales Surging

Low current mortgage rates combined with improving credit conditions, and other factors sent pending home sales surging in January. While today's mortgage rates are slightly higher than a month ago rates are only about 50 basis points from record lows set in May 2013.

Mortgage Rates Near Record Lows30 year mortgage rates today are averaging 3.92 percent, down from last week's average of 3.97 percent. The all-time record low for average 30 year rates was 3.35 percent set in the first week of 2013.

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 23223, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed Mortgage Loan from Ally Bank
Ally Bank
https://www.brimg.net/system/img/inst/10271_logo.gif
300000
Refinance
4.710
4.625
USD
at 0.100 pts
45 day lock rate
Est payment: $1,542.42
Fees in APR: $2,647
Thanks for the inquiry! 
 
Next button
30 yr fixed Mortgage Loan from Sol Mortgage
Sol Mortgage
https://www.brimg.net/system/img/inst/10262_logo.gif
300000
Refinance
9.297
9.125
USD
Sol Mortgage Logo
at 0.100 pts
30 day lock rate
Est payment: $2,440.90
Fees in APR: $4,223
Thanks for the inquiry! 
 
Next button
30 yr fixed Mortgage Loan from CIT Bank
CIT Bank
https://www.brimg.net/system/img/inst/10026_logo.gif
300000
Refinance
9.277
9.125
USD
CIT Bank Logo
at 0.100 pts
45 day lock rate
Est payment: $2,440.90
Fees in APR: $3,692
Thank you for your inquiry! We look forward to working with you. 
 
Next button
30 yr fixed Mortgage Loan from ConsumerDirect Mortgage, a division of First Bank
ConsumerDirect Mortgage, a division of First Bank
https://www.brimg.net/system/img/inst/8087_logo.gif
300000
Refinance
4.288
4.125
USD
at 1.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $2,764
 
Next button
30 yr fixed Mortgage Loan from HomeDirect Mortgage
HomeDirect Mortgage
https://www.brimg.net/system/img/inst/10447_logo.gif
300000
Refinance
4.408
4.250
USD
HomeDirect Mortgage Logo
at 1.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $2,577
 
 
Next button
30 yr fixed Mortgage Loan from AimLoan.com
AimLoan.com
https://www.brimg.net/system/img/inst/1739_logo.gif
300000
Refinance
4.220
4.125
USD
at 0.100 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $3,089
 
 
Next button
30 yr fixed Mortgage Loan from Optimum First Mortgage Inc.
Optimum First Mortgage Inc.
https://www.brimg.net/system/img/inst/7604_logo.gif
300000
Refinance
4.121
4.000
USD
at 0.100 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: $4,032
 
 
Next button
30 yr fixed Mortgage Loan from ConsumerDirect Mortgage, a division of First Bank
ConsumerDirect Mortgage, a division of First Bank
https://www.brimg.net/system/img/inst/8087_logo.gif
300000
Refinance
4.394
4.375
USD
at 0.000 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $675
 
Next button
30 yr fixed Mortgage Loan from Sol Mortgage
Sol Mortgage
https://www.brimg.net/system/img/inst/10262_logo.gif
300000
Refinance
4.460
4.460
USD
Sol Mortgage Logo
at 0.000 pts
30 day lock rate
Est payment: $1,512.93
Fees in APR: None
Thanks for the inquiry! 
 
Next button
30 yr fixed Mortgage Loan from AimLoan.com
AimLoan.com
https://www.brimg.net/system/img/inst/1739_logo.gif
300000
Refinance
4.375
4.375
USD
at 0.000 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: None
 
 
Next button
30 yr fixed Mortgage Loan from HomeDirect Mortgage
HomeDirect Mortgage
https://www.brimg.net/system/img/inst/10447_logo.gif
300000
Refinance
4.500
4.500
USD
HomeDirect Mortgage Logo
at 0.000 pts
30 day lock rate
Est payment: $1,520.06
Fees in APR: None
 
 
Next button
30 yr fixed Mortgage Loan from Ally Bank
Ally Bank
https://www.brimg.net/system/img/inst/10271_logo.gif
300000
Refinance
4.875
4.875
USD
at 0.000 pts
45 day lock rate
Est payment: $1,587.62
Fees in APR: None
Thanks for the inquiry! 
 
Next button
30 yr fixed Mortgage Loan from LoanLock
LoanLock
https://www.brimg.net/system/img/inst/9948_logo.gif
300000
Refinance
4.250
4.250
USD
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: None
 
 
Next button
30 yr fixed Mortgage Loan from JG Wentworth Home Lending
JG Wentworth Home Lending
https://www.brimg.net/system/img/inst/10054_logo.gif
300000
Refinance
4.490
4.490
USD
at 0.000 pts
45 day lock rate
Est payment: $1,518.27
Fees in APR: None
 
 
Next button
30 yr fixed Mortgage Loan from Optimum First Mortgage Inc.
Optimum First Mortgage Inc.
https://www.brimg.net/system/img/inst/7604_logo.gif
300000
Refinance
4.176
4.125
USD
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,810
 
 
Next button
30 yr fixed Mortgage Loan from Optimum First Mortgage Inc.
Optimum First Mortgage Inc.
https://www.brimg.net/system/img/inst/7604_logo.gif
300000
Refinance
4.022
3.875
USD
at 1.100 pts
30 day lock rate
Est payment: $1,410.71
Fees in APR: $1,992
 
 
Next button
30 yr fixed Mortgage Loan from CIT Bank
CIT Bank
https://www.brimg.net/system/img/inst/10026_logo.gif
300000
Refinance
9.488
9.125
USD
CIT Bank Logo
at 1.100 pts
45 day lock rate
Est payment: $2,440.90
Fees in APR: $6,097
Thank you for your inquiry! We look forward to working with you. 
 
Next button
30 yr fixed Mortgage Loan from AimLoan.com
AimLoan.com
https://www.brimg.net/system/img/inst/1739_logo.gif
300000
Refinance
4.136
4.000
USD
at 1.100 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: $1,556
 
 
Next button
30 yr fixed Mortgage Loan from Sol Mortgage
Sol Mortgage
https://www.brimg.net/system/img/inst/10262_logo.gif
300000
Refinance
9.476
9.125
USD
Sol Mortgage Logo
at 1.100 pts
30 day lock rate
Est payment: $2,440.90
Fees in APR: $5,815
Thanks for the inquiry! 
 
Next button
30 yr fixed mtg refi Mortgage Loan from Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.420
4.375
USD
Bank of Oak Ridge

4.420%
1/17/2019
4.375%
at 0.250 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $853
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.406
4.375
USD
LincolnWay Community Bank

4.406%
1/15/2019
4.375%
at 0.000 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.683
4.625
USD
Santander Bank, N.A.

4.683%
1/18/2019
4.625%
at 0.000 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from State Department Federal Credit Union
State Department Federal Credit Union
300000
Refinance
4.557
4.500
USD
State Department Federal Credit Union

4.557%
1/14/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $2,000
 
 
30 yr fixed mtg refi Mortgage Loan from Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.692
4.625
USD
Northwest Federal Credit Union

4.692%
1/17/2019
4.625%
at 0.750 pts
45 day lock rate
Est payment: $1,542.42
Fees in APR: $79
 
 
30 yr fixed mtg refi Mortgage Loan from Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.579
4.500
USD
Virginia Credit Union

4.579%
1/15/2019
4.500%
at 0.375 pts
45 day lock rate
Est payment: $1,520.06
Fees in APR: $1,650
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.341
4.250
USD
Bank of America

4.341%
1/16/2019
4.250%
at 0.644 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from Apple Federal Credit Union
Apple Federal Credit Union
300000
Refinance
4.596
4.500
USD
Apple Federal Credit Union

4.596%
1/16/2019
4.500%
at 1.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $352
 
 
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
4.697
4.625
USD
Fulton Bank, NA

4.697%
1/15/2019
4.625%
at 0.500 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $1,007
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.687
4.625
USD
Citizens Bank, NA

4.687%
1/18/2019
4.625%
at 0.250 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $1,408
 
 

Mortage Data Provided by Bankrate.com Many lenders have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please click here.

The rates above were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Rate/APR and terms may vary based on the creditworthiness of the individual and the extent to which the loan differs from the one used for Bankrate.com quotes. For criteria used in surveys of rates above, click here. These quotes are from banks, thrifts, and brokers, some of whom have paid for a link to their own Web site, where you can find additional information.





The National Association of Realtors' Pending Home Sales Index rose 1.7 percent in January, to a 104.2 reading, 8.4 percent above levels from a year ago. The strong number is surprising considering the bad winter most of the Midwest and Northeast had. Another factor constraining home sales is the low inventory of homes available for sale.

Lenders eased loan standards late last year helping home buyers finance purchases. Two mortgage guarantee giants, Freddie Mac and Fannie Mae, also loosed restrictions on loans. A biggest change from Freddie and Fannie was lowering down payment requirements to only 3 percent for some loans.

Easing of standards, an improving economy, higher job growth, and higher wages will also help the housing market in 2015. Working against the housing recovery is the low amount of homes available for sale. In the NAR's January National Housing Trend Report Inventory homes available for sale fell in January. The decline was rather large falling 6.7 month-over-month and 8.7 percent year-over-year.

The tight supply of homes for sale will force home buyers to compete with each other and that will send home prices higher. If you already own a home, increasing home prices is good news, but not so much if you're looking to buy a home. NAR’s chief economist, Lawrence Yun, said "home prices in metro areas throughout the country continue to show solid price growth, up 25 percent over the past three years on average.”

Home prices are moving up and mortgage rates are also forecast to increase from current levels. A double whammy to the housing market if prices and rates move up to quickly. Conventional 30 year mortgage rates are expected to be 100 basis points higher from current levels, moving as high as 5.00 percent. 15 year rates are also expected to increase 100 basis points, sending rates above 4.00 percent by the end of 2015.

The good news is the housing recovery will continue in 2015. The bad news is mortgage rates are moving higher in 2015. Higher home prices is a mixed bag, depending on if you're buying or selling a home.

If you're thinking of buying, now is the best time to so. If you're thinking of selling, you might get a better price in the future but higher mortgage rates will work against you. The average buyer can afford less home, maybe netting you a lower selling price.

 

 

 

 
Author: Brian McKay
March 4th, 2015