Mortgage Rates Drop: 30 Year Mortgage Rates at 4.83%, 15 Year Mortgage Rates at 4.19%

Mortgage rates dropped in the latest mortgage survey released this morning. The average mortgage contract rate for 30 year mortgages is down this week according to the most recent Weekly Applications Survey released by the Mortgage Bankers Association. 30 year mortgage rates are averaging 4.83 percent for the week ending May 14, 2010, down from the previous week's average mortgage rate of 4.96 percent. Mortgage discount points averaged 1.08 points, an increase from the prior week’s average of 0.91 points.