Mortgage Rates – Current Mortgage Rates Nearing 5.00%

Mortgage rates have fluctuating in a tight range for the past month now. The change in the direction of current mortgage rates is happening on a weekly basis, fluctuating in a range of 5.50 percent and 5.00 percent.  

Today’s mortgage rates are nearing 5.00 percent again according to a survey released today by the Mortgage Bankers Association.

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Current Mortgage Rates

The change in the direction of mortgage interest rates is causing the MBA’s mortgage refinance index to go swing up and down as well. This week’s Refinance index increased 6.9 percent, last week when home mortgage rates were up, the index was down 7.2 percent. Currently, refinance mortgage rates are around 5.20 percent.

The average contract mortgage interest rate on a fixed rate 30-year mortgage is at 5.15 percent, down from 5.38 percent. The average discount points also decreased from 1.18 to 0.98.

Average contract mortgage rates on a 15-year  mortgage is once again nearing 4.50 percent. The average contract mortgage interest rate is at 4.52 percent, a decrease from 4.71 percent. Average points decreased to .93 from 1.20.

The average contract rate for a one-year adjustable mortgage rate had a slight decrease to 6.66 percent, down from 6.71 percent. Average discounts points also had a slight decrease to 0.07 from 0.08.

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