MBA – Mortgage Rates Increase Slightly, 30 Year Mortgage Rates at 4.69%, 15 Year Mortgage Rates at 4.12%

Average contract mortgage rates increased slightly in the most recent mortgage application survey released today. The average contract 30 year mortgage rate is higher average 4.69 percent for the week ending July 9, 2010 in the latest Weekly Mortgage Application Survey released by Mortgage Bankers Association (MBA). The average contract 30 year mortgage rate is up from last week's average of 4.68 percent. Mortgage rates won't head that much higher this year since the Fed sees slower growth in the 2nd half of 2010. If inflation isn't a concern the Fed won't raise interest rates anytime soon.