30 year mortgage rates are down to 4.83 percent in the latest Mortgage Application Survey released by the Mortgage Bankers Association.  This is a decline from last week’s average 30 year contract interest rate of 4.90 percent. 

This is the lowest average contract mortgage rate since May of 2009. Average mortgage discount points increased to 1.17 points from 1.03 points.

The average contract rate for 15 year mortgages also declined this week over last. The current average 15 year mortgage rate is at 4.32 percent, down slightly from the prior week’s average rate of 4.33 percent. Average mortgage points decreased to 1.01 points from 1.15 points a week earlier.

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The average contract mortgage rate for one year adjustable mortgages declined to 6.82 percent from 6.85 percent a week ago. The average discount points on one year adjustable mortgage rates declined to 0.28 points from 0.29 points.

In addition to the decline in mortgage interest rates this past week, mortgage applications also declined week over week. The MBA’s Market Composite Index, which measures home mortgage loan application volume decreased 2.5 percent on a seasonally adjusted basis from one week earlier.

The MBA’s Refinance Index, a measure of refinance application volume, decreased 1.4 percent from the previous week. It looks like the demand for mortgage loans for home purchases is slowing down,  the Purchase Index decreased 4.7 percent from one week earlier.  The Purchase Index has gone down for six consecutive weeks and is at its lowest level since November 1997.

MonitorBankRates.com released a report on mortgage rates earlier this week.

Current Mortgage Rates

Conforming Fixed Rate Mortgages

• 30 year mortgage rates declined to 4.95 percent this week, down from the prior week’s average home loan rate of 5.02 percent.
• 15 year mortgage interest rates are down to 4.39 percent this week, down from last week’s average mortgage rate of 4.45 percent.

Jumbo Rate Mortgages

• The average 30 year jumbo mortgage rate is at 5.70 percent this week, down from the previous week’s mortgage rate of 5.78 percent.
• The average 15 year jumbo rate mortgage is at 5.23 percent this week, down from the prior week’s interest rate of 5.29 percent.

Adjustable Mortgage Rates – Conforming

• One year adjustable mortgage rates are averaging at 4.44 percent this week, up from last week’s when one year home loans averaged 4.37 percent.
• Three year adjustable mortgage interest rates are averaging 4.31 percent, down from last week’s average loan interest rate of 4.36 percent.
• Five year mortgage rates remain unchanged this week at 4.12 percent.
• Seven year adjustable home loans are up this week to 4.54 percent, up from last week’s average loan rate of 4.50 percent.
• Current rates for ten year ARMs are averaging 4.97 percent, up from the previous week’s average home finance rate of 4.88 percent.

Adjustable Mortgage Rates – Jumbo

• Today’s one year jumbo adjustable rate mortgages are averaging 5.25 percent this week, down from the prior week’s average mortgage finance rate of 5.35 percent.
• Three year jumbo ARMs are at 5.42 percent this week, down from last week’s adjustable rate of 5.47 percent.
• The average five year jumbo ARM  is at 4.92 percent this week, up from the prior week’s average rate on a five year jumbo mortgage 0f 4.90 percent.
• Seven year jumbo ARMs are averaging 5.56 percent., up from the previous week’s average adjustable rate of 5.71 percent.
• 10 year jumbo ARMs are averaging 5.93 percent, down from last week’s average mortgage rate of 6.07 percent.

Interest Only Mortgage Rates – Conventional

• Average three year interest only mortgage rates are averaging 4.39 percent this week, unchanged from last week’s interest rate.
• Five year interest only loans are averaging 4.22 percent, up from last week when five year interest only mortgages averaged 4.10 percent.
• Seven year IO mortgages are averaging 4.70 percent this week, up from last week’s average of 4.66 percent.

Interest Only Mortgage Rates – Jumbo

• Three year jumbo interest only mortgages are averaging 5.66 percent this week, down from last week’s jumbo mortgage average rate of 5.74 percent.
• Five year jumbo IO home loans are averaging 5.34 percent, down from last week’s average IO mortgage rate of 5.38 percent.
• The average jumbo seven year IO mortgage is at 5.98 percent, down from last week’s average jumbo rate of 6.24 percent.

Home Equity loan

• The average home equity loan rate was up slightly this week over last week. 10 year home equity loan rates increased to 7.498 percent this week, up from last week’s average equity home loan rate of 7.480%. 15 year home equity rates increased to 7.630%, up from the prior week’s average equity loan rate of 7.611%.

Home Equity Line of Credit (HELOC)

• Average home equity line of credit rates were are up slightly this week. The average HELOC rate this week is 4.901%, up from last week’s average HELOC rate of 4.893.

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