Mortgage rates decreased in the latest Mortgage Market Survey released by the Mortgage Bankers Association (MBA). Lower mortgage rates increased mortgage applications for home purchases and mortgage refinancing.

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The average contract mortgage rate for 30 year mortgages is back at 5.00 percent for the week ending January 15, 2010, down from the prior week’s average mortgage rate of 5.13 percent. Mortgage discount points decreased from 1.17 points to 1.05 points.

The average contract mortgage rate for 15 year mortgages decreased to 4.33 percent for the week ending January 15, 2010, down from the previous week’s average mortgage rate of 4.45 percent. Mortgage points increased to 1.19 points from 1.04 points.

The average contract mortgage interest rate for one year adjustable mortgages decreased to 6.72 percent, down from last week’s average adjustable mortgage rate of 6.83 percent. Mortgage discount points remained unchanged at 0.31 points.

Today’s Mortgage Interest Rates

Conforming 30 year mortgage rates are at 5.06 percent this week, down from the previous week’s average home mortgage rate of 5.17 percent.

Conforming 15 year mortgage rates are at 4.44 percent this week, down from last week’s average home loan interest rate of  4.55 percent.

Jumbo Mortgage Rates

30-year jumbo mortgage rates are averaging 5.72% this week, down from the prior week’s loan home rate of 5.85%.

15 year jumbo mortgage loans are averaging 5.16% this week, down from the prior week’s average mortgage home loan rate of 5.33%.

Adjustable Mortgage Rates

Conforming 1 year adjustable home mortgage loan rates are averaging at 4.50% this week, down from the prior week when one year home loans were averaging 4.57%.

Conforming 3 year adjustable mortgage interest rates are averaging 4.53%, down from last week’s average loan rate of 4.56%.

Conforming 5 year adjustable mortgage rates are averaging 4.12% this week, down from the previous week’s average mortgage rate of 4.33%.

Conforming 7 year adjustable loan rates are averaging 4.56%, down considerably from last week’s average loan rate of 4.85%.

Conforming 10-year mortgage rates are at 5.18%, down from the previous week’s average bank mortgage rate of 5.33%.

Jumbo Adjustable Mortgage Rates

Jumbo 1 year jumbo adjustable mortgage rates are averaging 5.48% this week, unchanged from the prior week’s average mortgage finance interest rate.

Jumbo 3-year jumbo ARMs are averaging 5.27% this week, down a lot from last week’s adjustable rate of 5.80%.

Current 5 year jumbo ARM is averaging 4.89% this week, down from the prior week’s average rate on a five year jumbo mortgage 0f 5.07%.

7 year jumbo ARMs are averaging 5.43% this week, down from last week’s average mortgage rate of 5.79%.

The average 10 year jumbo is at 5.95%, down from the prior week’s average 10 year mortgage rate of 6.10%.

Interest Only Mortgage Rates

3 year interest only mortgage rates are averaging 4.65% this week, down from last week’s average interest rate of 4.70%.

5 year interest only loans are averaging 4.21% this week, down from last week’s average five year interest only mortgage rate of 4.49%.

7 year IO loan rates are averaging 4.76% this week, down from last week’s average interest rate of 5.07%.

Jumbo Interest Only Mortgage Rates

3 year jumbo interest only mortgages are averaging 5.42% this week, down from last week’s jumbo interest mortgage rate of 5.95%.

5 year jumbo IO loan rates are averaging 5.24%, down from the prior week’s average IO mortgage rate of 5.40%.

The average jumbo 7 year IO loan mortgage rate is at 5.73%, down from last week’s average jumbo rate of 6.27%.

Home Equity Loans

The average home equity loan rate was up considerably this week over last. 10 year home equity loan rates decreased to 7.424% this week, down from last week’s average equity home loan rate of 7.425%. 15 year home equity rates decreased to 7.520%, down slightly from the prior week’s average equity loan rate of 7.521%.

Home Equity Line of Credit (HELOC)

Average home equity line of credit rates were down slightly this week over last. The average HELOC rate is at 4.904% this week, unchanged from last week’s average HELOC rate.

Looking for current mortgage rates? The best mortgage rates including jumbo rates can be found in your state or zip code by using our bank mortgage rate tables. Today’s Mortgage Interest Rates.