30 Year Mortage Rates at 4.94% According to MBA

Mortgage rates continue to decline in the latest survey released by the Mortgage Bankers Association (MBA) this morning.

Lower mortgage rates didn’t prevent the MBA’s mortgage application survey from declining. The Market Composite Index, which measures mortgage loan application volume, decreased 2.8 percent on a seasonally adjusted basis from one week earlier.

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The decline in current mortgage rates also didn’t prevent the MBA’s Refinance Index from decreasing this week on a seasonally adjusted basis. The Refinance Index, which measures mortgage refinance applications is down 0.8 percent this week.

The Refinance Index decreased 0.8 percent from the previous week and the seasonally adjusted Purchase Index decreased 6.2 percent from one week earlier.

Mortgage Rates

The average contract mortgage rate on a 30 year mortgage is down to 4.94 percent, down from the previous week’s average mortgage rate of 4.97 percent. Discount points also decreased to 0.94, down from the prior week’s average discount points of 1.12.

The average contract mortgage rate for 15 year mortgages decreased to 4.34 percent this week, down from last week’s average contract mortgage interest rate of 4.41 percent. The average discount points decreased to 1.01 from 1.05 the prior week.

One year adjustable mortgage rates decreased to 6.40 percent this week, down from the previous week’s average contract mortgage rate of 6.52 percent. Discount points increased to 0.29 from 0.28.