In the latest mortgage rate survey released this morning 30-year mortgage rates higher and 15-year mortgage rates lower. Adjustable mortgage rates are also lower according to the survey released by the Mortgage Bankers Association’s Weekly Mortgage Application Survey.
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The average contract mortgage rate for 30-year fixed mortgages increased to 5.08 percent from 5.02 percent, with points decreasing to 0.98 from 1.23 for the week ending September 11, 2009. In Feddie Mac’s recent Primary Mortgage Market Survey released last Thursday the average conforming 30-year mortgage rate was at 5.07 percent.
15-year fixed home mortgage rates were down to 4.41 percent from 4.45 percent, with points decreasing to 1.12 from 1.13 for the week ending September 11, 2009. In Freddie’s PMMS survey 15-year mortgage rates were averaging 4.50 percent.
The average contract mortgage interest rate for one-year adjustable mortgage loan rates decreased to 6.61 percent from 6.69 percent, discount points increased to 0.20 from 0.19. One-year Treasury-indexed adjustable rate mortgages are at 4.64 percent according to Freddie’s survey released last Thursday.
Current 30-year jumbo mortgage rates are at 5.99 percent according to our weekly mortgage rates survey released yesterday, down from last week’s average home loan rate of 6.02 percent. The average rate for 15-year jumbo mortgages is up to 5.53 percent, an increase from last week’s average rate of 5.46 percent.
Mortgage applications decreased in the latest MBA survey. The MBA’s Market Composite Index (adjusted for the Labor Day Holiday), which measures mortgage loan application volume, decreased 8.6 percent on a seasonally adjusted basis from one week earlier. The Refinance Index, a measure of mortgage refinance applications, was down 7.4 percent from the prior week and the seasonally adjusted Purchase Index was down 10.3 percent to from one week earlier.
Author: Brian McKay
September 16th, 2009
