Mortgage Rates Up, Mortgage Applications Down – MBA

Mortgage rates jumped up late last week when better unemployment numbers were released last Friday. As a result of the higher current mortgage rates applications for home loans decreased. Mortgage refinances also decreased this past week according to the Mortgage Brokers Association.

Average mortgage rates increased for both 30-year mortgages and 15-year mortgages. The average contract mortgage interest rate for a 30-year mortgage increased to 5.38 percent for the week ending August 7, 2009. An increase from the prior week’s average contract mortgage rate of 5.17 percent. Discount points also increased from 1.18 from 1.02.

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The average contract rate for a 15-year mortgage rate increased to 4.71 percent for the week ending August 7, 2009. The prior week’s average mortgage contract rate was 4.60 percent. The average points also increased to 1.20 from the previous week’s average of 1.00.

Earlier this week MonitorBankRates.com reported jumbo mortgage rates increased to 6.31 percent for the week that ended on August 10, 2009. An increase from the prior week’s average mortgage loan rate of 6.15 percent.

15-year jumbo loan rates also had an increase for the week ending August 10, 2009. 15-year mortgage rates increased to 6.15 percent, up from last week’s average rate of 5.80 percent.