30 Year Mortgage Rates Decrease – Mortgage Refinance Applications Increase

30 year mortgage rates decreased in the latest Weekly Mortgage Applications Survey released by The Mortgage Bankers Association (MBA)  this morning.

The average contract rate for 30 year mortgages decreased to 4.90 percent for the week ending November 6, 2009, down from the previous week’s average mortgage rate of 4.97 percent.

This week’s average contract interest rate is the lowest since the week ending May 15, 2009. Average mortgage points increased to 1.03 points from 1.01 points. Discount points or mortgage points allow you to buy down the interest rate on a mortgage.

Looking for today’s mortgage rates? The best mortgage interest rates can be found in your state by using our mortgage rate tables: Current Mortgage Rates

The current average contract mortgage interest rate for 15 year mortgages was unchanged this week at 4.33 percent. Average mortgage discount points decreased to 1.15 points for the week ending November 6, 2009, down from the prior week’s average of 1.33.

Average contract mortgage rates for one year adjustable rate mortgages increased to 6.85 percent for the week ending November 6, 2009, an increase from last week’s average contract rate of 6.83 percent. Mortgage discount points also decreased to 0.29 points this week, down from last week’s average points of 0.31 points.

Lower 30 year mortgage rates increased refinance applications this week over last but home purchase applications hit the lowest level since December 2000. Hopefully mortgage applications for purchases will increase in the coming months since the First Time Home-buyer Credit was extended and expanded.

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

Jumbo Mortgage Rates

• 30 year jumbo mortgage rates are at 5.78 percent this week, up slightly from last week’s average mortgage rate of 5.77 percent.
• 15 year jumbo rate mortgages are at 5.29%, up from the previous week’s average loan rate of 5.27%.

Looking for mortgage interest rates? Current mortgage rates including jumbo rates can be found in your state or zip code by using our bank mortgage rate tables. Bank Mortgage Rate Tables