Mortgage Rates - Current Mortgage Rates Increase Slightly to 5.24%

Mortgage rates had a slight uptick in the most recent survey released this morning, reversing the recent trend of lower mortgage rates the past couple of weeks. 

Even though there was an increase in current mortgage rates, mortgage application volume increased 7.5 percent on a seasonally adjusted basis from one week earlier according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.

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Current Mortgage Rates

30-year fixed rate mortgages increased to 5.24 percent from 5.15 percent with points also increasing to 1.07 points from 0.98 points. Earlier this week MonitorBankRates.com reported 30-year mortgage rates decreasing to 5.22 percent from 5.33 percent. Last week Freddie Mac reported 30-year mortgage rates decreased to 5.12 percent from 5.29 percent.  Today’s mortgage rates have been in a tight range of 5.00 percent to 5.50 percent.

The average contract rate for a 15-year fixed mortgage rate increased to 4.58 percent from 2.52 percent the previous week. The average discount points also increased to 1.18 points from .93 points the week prior. On Monday, MonitorBankRates.com reported 15-year mortgage rates were averaging 4.63 percent, down from last week’s average rate of 4.75 percent.  Freddie has 15-year mortgage rates at 4.56 percent.

Adjustable rate mortgages were also according to the MBA, the current mortgage rate on a one-year ARM is 6.74 percent, up from the prior week’s average contract mortgage rate of 6.66 percent.

Higher mortgage rates didn’t put a damper on mortgage activity, the refinance index, a measure of mortgage refinancing, had an increase of 12.7 percent from one week earlier and the Purchase index had an increase of 1.0 from the previous week.

MonitorBankRates.com also reported on jumbo mortgage rates eariler this week. Here is the report taken from Monday’s Weekly Mortgage Rates Survey.

Jumbo Mortgage Interest Rates

The average jumbo mortgage rate for a 30-year jumbo rose slightly this week to 6.14 percent, up from the prior week’s average rate of 6.12 percent. The average 30-year jumbo mortgage rate has also been in a tight range between 6.00 percent and 6.50 percent since May of this year. The average jumbo rate hit a high of 6.64 percent on June 15.

15-year jumbo fixed mortgage rates are down this week to 5.80 percent, down from the previous week’s average jumbo rate of 5.88 percent. The spread between 15-year jumbo mortgage rates and 15-year conforming mortgage rates is still over 1.00 percent, higher than the historical norm.