Mortgage Rates Down: 30 Year Mortgage Rates at 4.96%

Mortgage rates decreased in the latest mortgage survey released this morning. 30 year year mortgage rates are once again back under 5.00 percent according to the most recent Weekly Applications Survey released by the Mortgage Bankers Association. The average contract 30 year mortgage rate was 4.96 percent for the week ending May 7, 2010, down from the prior week's average mortgage rate of 5.02 percent. Mortgage discount points averaged 0.91 points, down from the prior week's average of 0.92 points.