Current Mortgage Rates Slightly Higher This Week: 30 Year Mortgage Rates at 4.78%

Current mortgage rates are slightly higher this week for the first time in seven weeks in Freddie Mac’s current Primary Mortgage Market Survey. 30 year mortgage rates are up to 4.79 percent for the week ending June 3, 2010, up slightly from last week's average 30 year mortgage rate of 4.78 percent. Mortgage discount points are averaging 0.8 points, up from the prior week's average of  0.7 points.

Treasury prices soared on the problems in Europe (Hungary this time) and a job report showing fewer jobs were created than economists had forecast. 10 year Treasury notes were up 1 11/32, pushing the yield down 16 basis points to 3.219%. Mortgage rates rates will head lower this coming week if bond yields continue to head lower.

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15 year fixed conforming mortgage rates were down slightly for the week ending June 3, 2010. Current conforming 15 year fixed mortgage rates are averaging at 4.20 percent, down from last week's average 15 year mortgage rate of 4.21 percent. Average mortgage discount points remained unchanged at 0.7 points.

Current 5 year U.S. Treasury indexed adjustable mortgage rates are averaging 3.94 percent, down from the previous week's average 5 year adjustable mortgage rate of 3.97 percent. Mortgage discount points averaged 0.7 points, unchanged from last week's average mortgage discount point.

Current 1 year Treasury indexed adjustable mortgage rates are averaging 3.95 percent, unchanged from last week's average 1 year adjustable mortgage rate. Mortgage points averaged o.7 points, up from last week's average of 0.6 points.