Mortgage rates are back above 5.00 percent in this morning’s mortgage application survey. 30 year mortgage rates have been seesawing above and below 5.00 percent for over a month. The average contract 30 year mortgage rate is at 5.01 percent for the week ending March 5, 2010 according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. Mortgage discount points averaged 0.82 points.

Looking for refinance rates? Search our mortgage rate tables: MortgageRates.MonitorBankRates.com.

The average contract 15 year mortgage rate increased to 4.32 percent for the week ending March 5, 2010, up from the prior week’s average 15 year mortgage rate of 4.27 percent. Average mortgage discount points decreased to 0.88 points from 1.36 points the previous week.

The average contract rate 1 year adjustable mortgages increased to 6.80 percent, up from the previous week’s average of 6.77 percent. Average mortgage points increased to 0.30 points from 0.29 points.

Mortgage applications increased for home purchases but decreased for refinances. The Refinance Index, which measures applications for refinancing, decreased 1.5 percent from the previous week. The seasonally adjusted Purchase Index, which measures applications for home purchases, increased 5.7 percent from one week earlier.

Applications for refinancing a mortgage still make up the majority of mortgage applications. The refinancing share of mortgage application activity is 67.2 percent of total mortgage applications.

For a more extensive report on current mortgage rates and refinance rates, MonitorBankRates.com released its Weekly Mortgage Rate Report on Monday, which follows:

Current Mortgage Rates

The average conforming 30 year mortgage rate is down to 4.95 percent this week, lower than the prior week’s average 30 year interest rate of 5.07 percent.

15 year conforming home loan rates are averaging is 4.398 percent this week, up fractionally from last week’s average mortgage rate of 4.395 percent.

Jumbo Mortgage Rates

30 year mortgage rates are averaging 5.73 percent this week, a decrease from the prior week’s average home loan rate of 5.76 percent. Jumbo refinance rates are also at 5.73 percent this week.

The average 15 year jumbo mortgage interest rate is averaging 5.138 percent this week, up fractionally from last week’s average jumbo loan mortgage rate of 5.131 percent. The average 15 year jumbo mortgage refinance rate is also averaging 5.138 percent this week.

Conforming Adjustable Mortgage Rates

The average conforming 1 year adjustable rate mortgage is at 4.40 percent this week, a decrease from the prior week’s average 1 year home loan rate of 4.67 percent.

3 year conforming adjustable mortgage interest rates are averaging 4.55 percent this week, down from the previous week when 3 year home mortgage interest rates averaged 4.63 percent.

The average 5 year conforming ARM is averaging 3.86 percent this week, down from last week’s average home loan rate of 4.01 percent. The average 5 year mortgage refinance is also under 4.00 percent this week at 3.86 percent.

The average 7 year conforming ARM is at 4.41 percent, a decrease from the prior week’s average mortgage loan rate of 4.50 percent. 7 year mortgage refinance rates are also averaging at 4.41 percent this week.

The average 10 year adjustable bank mortgage rate is at 4.76 percent this week, down from last week’s average mortgage interest rate of 4.80 percent. 10 year home loan refinance rates are also at 4.80 percent this week.

Jumbo Adjustable Mortgage Rates

The average 1 year jumbo ARM is at 5.59 percent this week, unchanged from last week’s average home loan interest rate.

The average 3 year jumbo ARM is at 5.29 percent this week, a decrease from the prior week’s average home loan rate of 5.36 percent. 3 year home refinance rates are down to 5.29 percent this week.

The average 5 year jumbo ARM is at 4.70% this week, up from the previous week’s average mortgage rate of 4.69%. The average 5 year refinance loan is also at 4.70 percent this week.

7 year jumbo ARMs are averaging 5.44 percent this week,  down from last week’s average loan mortgage rate of 5.75 percent. 7 year loan refinance rates are also averaging 5.44 percent, down from the prior week’s average refinance rate.

10 year jumbo mortgage interest rates are averaging 5.86 percent this week, down from last week’s average 10 year rate of 5.96 percent. 10 year jumbo refinance loan rates are also lower this week, the average rate is 5.86 percent.

Interest Only Mortgage Rates

The average 3 year interest only mortgage rate is at 4.79% this week, down from the prior week’s average mortgage interest rate of 4.89%.

The average 5 year interest only home loan is at 3.98% this week, a decrease from last week’s average five year home interest only mortgage rate of 4.18%.

7 year IO home loans are averaging 4.59% this week, down from last week’s average interest rate of 4.68%.  The average 7 year IO refinance home loan rate is also at 4.59% this week.

Jumbo Interest Only Mortgage Rates

3 year jumbo IO loans are averaging 5.63 percent this week, down from last week’s jumbo interest mortgage rate of 5.71 percent. 3 year jumbo refinance interest rates are averaging 5.63 percent.

The average 5 year jumbo IO loan rate is at 5.30 percent, down from the prior week’s average IO mortgage rate of 5.39 percent. 5 year jumbo IO refinance interest rates are averaging 5.30 percent this week.

7 year jumo IO loans are averagingt 5.82 percent, down from the prior week’s average jumbo 7 year rate of 6.21 percent.

Home Equity Loan Rates

The average home equity loan rate was up this week over last. 10 year home equity loan rates are at 7.481 percent this week, up from last week’s average equity home loan rate of 7.447 percent. 15 year home equity rates increased to 7.805 percent, up from last week’s average home equity rate of 7.707 percent.

Home Equity Line of Credit Rates (HELOC)

Average home equity line of credit rate was down to 4.777 percent this week, down from last week’s average HELOC rate of 4.899 percent.

Refinance rates/mortgage rates can be found in your state by searching our interest rate tables: MortgageRates.MonitorBankRates.com.