15 Year Mortgage Rates Drop - Mortgage Applications Increase

Long term mortgage rates are lower in the Weekly Mortgage Applications Survey released by The Mortgage Bankers Association. The biggest drop in today’s mortgage interest rates was in 15 year mortgage rates. The current average contract mortgage rate for 15 year mortgages is at 4.33 percent, down from the prior week’s average contract rate of 4.53 percent. Average discount points decreased to 1.01 points from 1.25 points.

The current average contract mortgage interest rate for 30 year mortgages also declined for the week ending October 30, 2009, the average rate is back under 5.00 percent at 4.97 percent. Average mortgage points increased to 1.33 points from 0.78 points.

Average contract mortgage rates for one year adjustable mortgages increased to 6.83 percent for the week ending October 30, 2009, up from the prior week’s average contract rate of 6.79 percent. Mortgage discount points also increased, the average discount point is 0.31 points, up from last week’s average of 0.29 points.

Lower longer term interest rates increased mortgage application volume. The Market Composite Index, a measure of mortgage loan applications, increased 8.2 percent on a seasonally adjusted basis from one week earlier.

A decline in mortgage refinance rates also contributed to an increase in mortgage refinancing. The Refinance Index increased 14.5 percent from the previous week.

Jumbo mortgage rates currently are lower this week over last. MonitorBankRates.com reported on jumbo rate mortgages on Monday. Following is the report.

Jumbo Rate Mortgages

The average 30 year jumbo mortgage rate is at 5.77 percent this week, down from the previous week’s average loan rate of 5.85 percent. 15 year jumbo mortgage rates were averaging 5.27 percent this week, down from last week’s average interest rate of 5.30 percent.