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.

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The increase in 30 year mortgage rates was the second consecutive week mortgage rates are higher. The good news the increase in the past two weeks has only been 2 basis points, or 0.02 percent. The average mortgage discount point on 30 year mortgages increased to 0.96 points, an increase from the previous week’s average of 0.86 points.

15 year mortgage rates are also slightly higher for the week ending July 9, 2010. The average contract 15 year mortgage interest rate is up to 4.12 percent, up from the previous week’s average 15 year mortgage rate of 4.11 percent. The second consecutive increase for 15 year mortgage rates. Mortgage discount points averaged 1.04 points on 15 year mortgages, up from last week’s average of 0.93 points.

1 year adjustable mortgage rates remained unchanged for the week ending July 9, 2010. The average 1 year contract adjustable mortgage rate is at 7.20 percent, unchanged prior week’s average 1 year mortgage rate of 7.05 percent. Average mortgage points on 1 year adjustable mortgage rates decreased to 0.22 points from 0.24 points.