Mortgage Rates Mixed: 30 Year Mortgage Rates Lower, 15 Year Mortgage Rates Higher

Mortgage rates were mixed in the lastest Weekly Mortgage Application Survey released yesterday morning by the MBA. The current average contract 30 year mortgage rate decreased to 4.81 percent for the week ending June 4, 2010, a decline from the previous week when 30 year mortgage rates averaged 4.83 percent. Average mortgage discount points decreased to 1.02 points, down from the prior week’s average of 1.05 points.



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The average contract 15 year mortgage rate was slightly for the week ending June 4, 2010. The average contract mortgage rate for 15 year mortgages increased to 4.26 percent, up from the prior week's average 15 year mortgage loan rate of 4.24 percent.  Mortgage discount points decreased 0.95 points, down from the prior week’s average of 1.11 points.

The current average contract mortgage rate for 1 year adjustable mortgages is down to 6.94 percent for the week ending June 4, 2010, down from the prior week's average contract mortgage rate was 6.96 percent. Average mortgage points increased to 0.30 points, down from the prior week’s average of .027 points.

Current low mortgage rates couldn't help continue to help the demand for mortgage applications. The MBA's Market Composite Index,  Purchase Index and the Refinance Index were all lower for the week ending June 4, 2010.

The Purchase Index, which is a measure of loan application volume for home purchases declined 5.7 percent from one week earlier. The Refinance Index, which is a measure of mortgage refinance applications decreased 14.3 percent from the prior week.