Mortgage Rates: Fixed Mortgage Rates Tumble

Mortgage rates were down considerably this past week according to a weekly survey released today. The average contract rate for a fixed 30-year mortgage was 5.05 percent from 5.34 percent.

Average mortgage points also decreased to 1.12 from 1.13 according to the weekly mortgage survey released by the Mortgage Bankers Association (MBA). Current mortgage rates are lower this month than last month brought on by lower U.S. Treasury prices.

The average contract mortgage rate on 15-year fixed rate mortgages decreased to 4.59 percent from 4.83 percent with the average points increasing to 1.07 from 1.06. The average contract rate on a one-year adjustable rate mortgage decreased to 6.47 percent from 6.58 percent with points decreasing to 0.11 from 0.14.

Mortgage applications increased this week as a result of the lower mortgage rates. The MBA’s Mortgage Composite Index increased 4.3 percent from a week earlier on a seasonally adjusted basis. Mortgage refinancing activity also increased, the MBA’s Refinance Index increased by 17.7 percent from the previous week on a seasonally adjusted basis.

MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates. Search for Mortgage Rates.