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Home Mortgage Interest Rates Increase: 30 Year Mortgage Interest Rates at 4.69%

Mortgage rates increased in the latest survey released this morning. Home mortgage interest rates increased after making all-time lows in the prior week's Mortgage Applications Survey released by the Mortgage Bankers Association. Both 30 year mortgage rates and 15 year mortgage rates are increased from the lowest point ever in last week's mortgage survey.

The average contract 30 year mortgage rate increased to 4.69 percent for the week ending July 23, 2010, an increase from the previous week’s average 30 year mortgage rate of 4.59 percent. Mortgage discount points on 30 year mortgages averaged 0.88 points, down from the prior week's average of 1.04 mortgage points.

Current 15 year home mortgage rates are also higher for the week ending July 23, 2010. The current average contract 15 year mortgage interest rate is up to 4.12 percent, an increase from the previous week’s average 15 year mortgage rate of 4.05 percent. Mortgage discount points averaged 0.83 points on 15 year mortgages, down from last week’s average of 0.88 points.

1 year adjustable mortgage rates bucked the trend and headed lower. Current 1 year adjustable home loan rates decreased to 7.15 percent for the week ending July 23, 2010, down from the prior week’s average 1 year adjustable mortgage rate of 7.17 percent. Mortgage discount points averaged 0.23 points, down from previous week’s average of 0.24 points.
Author: Brian McKay
July 28th, 2010