MBA – Current Mortgage Rates @ 4.89%

The Mortgage Bankers Association released its weekly Mortgage Applications Survey this morning, showing double digit increases in mortgage applications for the week ending October 2, 2009.

The Market Composite Index, which measures mortgage loan application volume, increased 16.4 percent on a seasonally adjusted basis from one week earlier.

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The MBA’s Refinance Index, which measures refinance activity, increased 18.2 percent from the previous week. The seasonally adjusted Purchase Index, which measures home mortgage volumes for home purchases, increased 13.2 percent from one week earlier.

Current Mortgage Rates

Current 30 year mortgage rates are nearing a five month low at 4.89 percent, down from the previous week’s average contract mortgage rate of 4.94 percent. This is the third consecutive week where the 30-year fixed mortgage rates are below 5 percent in the survey. Discount points increased to 1.13 from 0.94 the prior week.

The average contract rate on 15 year mortgage rates was also down this week, the current mortgage rate is 4.32 percent, down from the prior week’s average mortgage rate of 4.34 percent. This mortgage interest rate is the lowest on record in the mortgage survey. Discount points increased to 1.04 from 1.o1.

The average contract rate on one year adjustable mortgages increased to 6.56 percent this week, up from last week’s average contact mortgage rate of 6.40 percent. Discount points increased to .30 this week, up from the previous week’s average discount points of .29.

Jumbo Mortgage Rates

The MBA doesn’t report on current jumbo mortgage rates in the survey. For more information on jumbo mortgage rates read MBR’s weekly jumbo mortgage rate report. Today’s Jumbo Mortgage Rates