Mortgage rates are higher this week according to the latest weekly mortgage survey released today. The higher mortgage interest rates hasn’t put a damper on home purchases or on home refinancing according to the Mortgage Bankers Association.

Today’s Mortgage Rates

Average mortgage contract rates increased this week over last week, brought on by higher U.S. Treasury prices. The average rate for a 30-year mortgage increased to 5.31 percent this week, up from the prior week’s average rate of 5.05 percent, with points increasing to 1.18 from 1.12. Even though home loan rates increased this week rates are still low compared to historical standards.

The average home loan rate for a 15-year fixed-rate mortgage was up to 4.80 percent this week, last week’s average contract rate was 4.59 percent, with points decreasing to 1.03 from 1.07. In June of this year the average 15-year mortgage rate was under 4.50 percent.

Adjustable rate mortgages were also up this week over last. The average contract interest rate for one-year ARM increased to 6.50 percent from 6.47 percent, with points remaining unchanged at 0.11.

Mortgage Applications Index

The Market Composite Index, an index that measures mortgage loan application volume, increased 2.8 percent this week to 528.9 on a seasonally adjusted basis from 514.4 one week earlier. Unadjusted the home mortgage index increase 2.9 percent compared to the previous week an increased 6.6 percent compared with the same week one year earlier. The four week moving average for the seasonally adjusted Market Index is down 1.0 percent

Refinance Index

The MBA’s index that measures home mortgage refinancing “The Refinance Index” increased 4.0 percent this week to 2089.7 from 2009.4 the previous week and the seasonally adjusted Purchase Index increased 1.3 percent to 262.1 from 258.8 one week earlier. The home refinance index’s four week moving average is down  0.4 percent.

Looking for current mortgage rates? MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates. 

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