30 Year Fixed Rate Increase to 4.11%
January 25, 2012 – The Mortgage Bankers Association reported that the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 4.11 percent from 4.06 percent, with points decreasing to 0.47 from 0.48 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate also increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 4.39 percent from 4.40 percent, with points increasing to 0.40 from 0.37 (including the origination fee) for 80 percent LTV ratio loans. The effective rate also decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.97 percent from 3.91 percent, with points decreasing to 0.57 from 0.59 (including the origination fee) for 80 percent LTV ratio loans. The effective rate also increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.40 percent from 3.33 percent, with points increasing to 0.40 from 0.39 (including the origination fee) for 80 percent LTV loans. The effective rate also increased from last week.
The average contract interest rate for 5/1 ARMs increased to 2.91 percent from 2.90 percent, with points decreasing to 0.41 from 0.45 (including the origination fee) for 80 percent LTV ratio loans. The effective rate also increased from last week.
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