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30 Year Rates on Mortgages Increase Before Christmas and Decrease After MBA: Average Contract Rate on 30 Year Mortgages at 4.82%

30 year rates on mortgages increased to 4.93 percent the week ending December 24, 2010, up from the previous week's average 30 year rate of 4.84 percent says the Mortgage Bankers Association. The average contract rate on 30 year mortgages for the week ending December 31, 2010, decreased to 4.82 percent. The average contract rate on 15 year mortgages remained unchanged at 4.22 percent for the week ending December 24, 2010. For the week ending December 31, 2010 rates on 15 year mortgages increased to 4.23 percent.

The number of people applying for a mortgage application to purchase a home increased 3.1% for the week ending December 24, 2010 and decreased 0.8 percent the following week. Mortgage applications for refinancing a mortgage decreased 7.2 percent the week ending December 24, 2010 and increased 3.9 percent the week after.

Author: Brian McKay
January 5th, 2011