Bank Mortgage Lender Rates Rise October 10, 2011
This week in mortgage rates was uneventful up to the release of the jobs report on Friday. Monday, mortgage rates results followed a continuation of the lows hit at the end of the prior week then Tuesday came along and showed little change. Wednesday and Thursday the market started to show some jitters and mortgage backed bond prices started to decline slightly pushing mortgage rates higher. On Friday, mortgage rates turned decidedly higher.
The employment report released by the Labor Department on Friday indicated stronger than expected job creation. Unfortunately for home loan borrowers, a strong jobs market is an indication of a strong economy which often leads to higher borrowing costs and mortgage interest rates. Results of the labor report caused bond prices to move lower and interest rates to move higher as the week came to a close.
The increase in mortgage rates was evident in the interest rate increases for the 30 year fixed rate home loan, 15 year loan and FHA mortgage loan.
The 30 year fixed rate mortgage increased by 20 basis points this week, one basis point equals 1/100th of a percent. The average 30 year mortgage rate in the weekly survey from the top five bank mortgage lenders came in at 4.225 percent after closing the previous week at 4.025 percent.
The 15 year mortgage rate was higher by almost half as much with a ten basis point rise. The average 15 year mortgage rate went up to 3.500 percent from 3.400 percent in the early week’s mortgage rate survey.
FHA mortgage rates climbed above 4.00 percent for the week. The average 30 year term FHA home loan now costs 4.125 percent, a rise of 15 basis points from 3.975 percent in the prior week.
The current mortgage rates offered by the top five bank mortgage lenders in the survey includes the following 30 year mortgage interest rates, points charged and resulting APRs as of October 7, 2011:
US Bank offers a 30 year mortgage rate at 4.375% and no points with an APR of 4.439%.
Bank of America offers a 30 year mortgage rate at 4.125% and 1.125 points and an APR of 4.284%.
Chase jumped up a 30 year mortgage to 4.125% with 0.250 points and a 4.209% APR.
Wells Fargo increased the 30 year mortgage rate to 4.125% with 1.0 point and an APR at 4.277%.
A Citibank 30 year mortgage can be obtained with an interest rate of 4.375% and 0.50 points and a 4.481% APR.
The mortgage interest rates, loan points and mortgage loan APRs in the Findlocalmortgagerates.com survey are retrieved directly from the bank mortgage lenders on or after October 7, 2011. All of the bank mortgage rates listed are subject to change at any time. All home loans are subject to the approval and underwriting standards established by each of the individual mortgage lenders.
The mortgage rates and mortgage costs in the survey are based on a mortgage loan request for a single family purchase based in California with a loan amount of $250,000.00 and a 20% down payment on or after October 7, 2011.
Additional mortgage interest rates and home loan products are available from the listed bank mortgage lenders including mortgage rates in Kentucky, mortgage loans and mortgage rates in Oklahoma, mortgage loans and mortgage rates in Virginia, mortgage loans and mortgage rates in Missouri and similar regional home loans and mortgage rates.