Mortgage Rates & Mortgage Applications Decrease: 30 Year Mortgage Rates at 4.75%, 15 Year Mortgage Rates at 4.19%

Mortgage rates decreased in the most recent mortgage survey released Wednesday morning. 30 year mortgage rates decreased to 4.75 percent for the week ending June 18, 2010 in the latest Weekly Mortgage Application Survey released by Mortgage Bankers Association (MBA). The average 30 year mortgage rate is down from the previous week’s average of 4.82 percent. Mortgage discount points averaged 1.07 points, up from the prior week’s average of 0.89 points.

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The average contract 15 year mortgage rate is down to 4.19 percent for the week ending June 18, 2010, down from the previous week’s average contract mortgage rate of 4.23 percent. Average mortgage discount points increased to 1.00 points, up from the prior week’s average of 0.83 points.

The average contract rate for 1 year adjustable mortgage rates is down to 7.05 percent for the week ending June 18, 2010, down from the prior week’s average contract mortgage rate of 7.07 percent. Mortgage points on 1 year adjustable mortgage rates remained unchanged at 0.27 points.

Lower current mortgage rates couldn’t stop applications for mortgages decreasing. Mortgage applications for both home purchases and refinancing an existing mortgage decreased for the week ending June 18, 2010. The MBA’s Market Composite Index, a measure of mortgage loan application volume increased 5.9 percent on a seasonally adjusted basis from one week earlier.

The Purchase Index, which measures mortgage loan application volume was down 1.2 percent on a seasonally adjustable basis from one week earlier. The Refinance Index, which measures mortgage loan application volume for mortgage refinances was down 7.2 percent from the previous week.