Mortgage Rates Decrease: Mortgage Applications Decrease

The latest mortgage rate survey released this morning shows a decrease in mortgage rates and mortgage applications. Both 30-year mortgage rates and 15-year mortgage rates were down.

One-year adjustable mortgage rates were down as well, according to the Mortgage Bankers Assoication’s Weekly Mortgage Market Survey.

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The average contract mortgage interest rate for 30-year fixed rate mortgages was down to 5.15 percent from 5.24 percent,discount points increased to 1.09 from 1.07. MonitorBankRates.com has today’s mortgage rate listed at 5.22 percent for a 30-year mortgage.

15-year fixed rate mortgages  are averaging 4.57 percent, down from the prior week’s average contract mortgage rate of 4.58 percent for a 15-year fixed mortgage. Discount points also decreased from 1.18 to 0.85 points. Current mortgage rates are listed at 4.62 percent for a 15-year fixed rate mortgage at MonitorBankRates.com 

The average contract interest rate for one-year adjustable rate mortgage was down to 6.71 percent from 6.74 percent, discount points increased to 0.20 from 0.17.

Lower mortgage rates usually drive the MBA’s mortgage indexes higher but that wasn’t the case this week. Both the Market Composite Index, which measures mortgage loan application volume and the Refinance Index, which measures mortgage refinance loan application volume were down. The Purchase Index, which measures mortgage loan applications for home purchases increased.