Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

Full Bio →

Written by

Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

Full Bio →

Reviewed by Joel Ohman
Founder, CFP® Joel Ohman

UPDATED: Feb 8, 2021

Advertiser Disclosure

Advertiser Disclosure: We strive to help you make confident loan decisions. Comparison shopping should be easy. We are not affiliated with any one loan provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about loans. Our goal is to be an objective, third-party resource for everything loan related. We update our site regularly, and all content is reviewed by experts.

Mortgage loan interest rates were impacted by several industry factors and continued to increase according to this week’s rate reports.

Despite a general upwards trend, over the past few weeks all three mortgage loan interest rates have changed minimally, usually increasing less than 10 basis points per week. Both fixed and adjustable interest rates decreased due to the government shutdown in September, but all three rates have slowly rebounded in the following weeks.

For the week ending Nov. 14, 2013, the 30-year fixed-rate mortgage averaged 4.16 percent, a seven basis point increase from 4.09 percent reported in the previous week.

The second rate change this week is the 15-year FRM which averaged 3.14 percent, a small upswing from last week’s 3.1 percent.

The 5/1 adjustable-rate mortgage, the final mortgage loan interest rate reported, increased only three basis points from 2.74 percent to 2.77 percent.

In comparison to several weeks in September that were mainly influenced by a singular event, the government shutdown, this week’s housing report was influenced by several factors.

One change in the housing economy is the downtrend of down payments. The average down payment in the United States decreased 2.74 percent from the last fiscal quarter, according to a new report from LendingTree. On a national scale, average down payments decreased from 16.1 percent in Q2 2013 to 15.74 percent in Q3 2013.

The three states with the lowest average down payment percentage on a 30-year mortgage loan are Nebraska (12.5 percent), South Dakota (12.8 percent) and Arkansas (12.9 percent). The three states with the highest average down payments are in generally high-cost areas of housing such as New York (18 percent), California (18.6 percent) and New Jersey (18.8 percent).

Average loan amounts also fell. Mortgage loan amounts decreased from $221,694 to $218,343 in the same time period.

The changes are an outcome of looser lending standards according to Doug Lebda, founder and CEO of LendingTree. He said that lenders are adjusting the minimum requirements as an incentive to attract more mortgage loan borrowers.

Lending risks have also decreased.

“When we see lenders accept lower down payments from qualified borrowers, it shows lender confidence in the market and in home values,” Lebda said.

The improved market has created a more positive lending environment, causing approval rates to grow. A J.D. Power report released today found that customer satisfaction with mortgage loan origination lenders has jumped to a seven-year high.