The average contract interest rate on 15 year mortgages also decreased for the week ending January 7. Rates on 15 year mortgages averaged 4.15 percent, down from the prior week's average 15 year rate of 4.23 percent. Mortgage discount points averaged 1.01, a slight increase from the prior week's average of 1.00 point.
The number of people applying for a mortgage application to purchase a home decreased and the number of people applying for a mortgage to refinance increased. The seasonally adjusted Purchase Index decreased 3.7 percent from one week earlier and the Refinance Index increased 4.9 percent from the previous week.
Following is a more in-depth mortgage report released by MonitorBankRates.com earlier this week:
Mortgage Loan Rates Today & Refinance Rates Today
Current 30 year conforming mortgage loan rates and refinancing rates are averaging 4.78 percent, a decline from last week’s average 30 year home loan rates and refi rates averaged 4.78 percent. 30 year loan interest rates and refinance interest rates in Idaho are lower than the national average 30 year rate. Current 30 year Indiana refinancing rates and mortgage loan rates are averaging 4.74 percent. 15 year conforming refinancing rates and mortgage loan rates are averaging 4.21 percent, an increase from the prior week when 15 year mortgage loan rates and refinance loan rates averaged 4.12 percent. 15 year rates in Connecticut are slightly lower than the national average 30 year rate. Today’s 15 year CT rates are averaging 4.22 percent.
30 year jumbo mortgage interest rates and 30 year jumbo refinance rates are averaging 5.37 percent, up from last week’s average jumbo rate and jumbo refi rate of 5.33 percent. 30 year jumbo rates in Washington D.C. are lower, averaging 5.33 percent.
15 year jumbo home rates and jumbo refinancing loan rates are averaging 4.74 percent, down from the prior week’s average jumbo mortgage rate of 4.76 percent. 15 year jumbo interest rates and mortgage refinancing rates in Nevada are lower, averaging 4.56 percent.
Conforming Adjustable Interest Rates Current and Conforming Adjustable Refi Rates Current
1 year adjustable rates - Current refinancing rates and mortgage interest rates are averaging 3.05 percent, unchanged from last week’s average 1 year adjustable home mortgage refi interest rate and loan rate.
3 year adjustable rates and adjustable refinancing rates are averaging 3.42 percent, down from last week’s average 3 year adjustable mortgage loan rate of 3.47 percent.
5 year adjustable mortgage loan rates today are averaging 3.71 percent, up from the prior week’s average rate of 3.50 percent. Current refi rates are also higher, averaging 3.71 percent.
7 year adjustable mortgage loan interest rates are averaging 3.90 percent, down from the previous week’s average 7 year loan rate of 4.01 percent. Current refinance loan rates are also averaging lower at 3.90 percent.
10 year adjustable mortgage loan rates today are averaging 4.52 percent this week, up from last week’s average 10 year adjustable rate of 4.47 percent. Refinance interest rates for 10 year home loans are also averaging 4.52 percent.
Today's Adjustable Jumbo Refi Rates and Today's Jumbo Mortgage Interest Rates
1 year jumbo adjustable loan rates are averaging 3.39 percent, unchanged from the prior week’s average 1 year jumbo adjustable loan mortgage interest rate. Today’s jumbo adjustable refinance interest rates are also unchanged at 3.39 percent.
3 year adjustable jumbo rates are higher averaging 4.31 percent, up from last week’s average 3 year jumbo adjustable rate of 4.26 percent. Today’s refi rates on 3 year jumbo adjustable mortgage loans are also higher averaging 4.31 percent.
5 year adjustable jumbo interest rates today are averaging 3.88 percent, down from last week’s average jumbo adjustable rate of 3.93 percent. Current refinance loan rates on 5 year jumbo home loans are also averaging 3.88 percent.
7 year jumbo adjustable loan rates today are averaging 4.69 percent, up from last week’s average 7 year adjustable home loan rate of 4.56 percent. 7 year jumbo refinance loan rates are also higher at 4.69 percent.
Today’s 10 year jumbo loan rates are averaging 5.24 percent, up from the prior week’s average 10 year jumbo home loan rate of 5.23 percent. 10 year jumbo refinance interest rates are also higher averaging 5.24 percent.
Conforming Interest Only Adjustable Refi Rates and Interest Only Adjustable Mortgage Loan Rates
3 year interest only adjustable mortgage loan rates are averaging 3.61 percent, up from last week’s average interest only mortgage loan rate of 3.47 percent. 3 year interest only adjustable refinance loan rates are also higher averaging 3.61 percent.
5 year interest only adjustable loan rates are averaging 3.66 percent, up from last week’s average five year interest only mortgage loan rate of 3.59 percent. Today 5 year interest only adjustable refinance mortgage loan rates are also averaging 3.66 percent.
7 year interest only adjustable mortgage loan rates are averaging 4.08 percent, down from last week’s average 7 year interest-only mortgage interest rate of 4.18 percent. 7 year adjustable refi loan rates are averaging 4.08 percent.
Interest Only Adjustable Jumbo Refinancing Rates and Jumbo Interest Only Mortgage Loan Interest Rates Today
3 year jumbo interest only adjustable loan rates are averaging 4.96 percent, down from last week’s average jumbo adjustable interest only rate of 5.01 percent. 3 year interest only adjustable jumbo refi rates are also lower averaging 4.96 percent.
5 year adjustable jumbo loan interest only rates are averaging 4.42 percent, up from last week’s average IO home mortgage interest rate of 4.40 percent. 5 year jumbo adjustable IO loan rates are also averaging higher at 4.42 percent.
7 year jumbo interest only adjustable rates are averaging 5.02 percent, up from an average jumbo 7 year home loan rate of 4.88 percent. Current 7 year jumbo adjustable interest-only rates are also averaging 5.02 percent.
Home Equity Loan Rates
10 year home equity loan rates are averaging 6.714 percent, unchanged from last week’s average home equity rate.
15 year home equity rates are averaging 7.093 percent, unchanged from last week’s average home equity rate.
Home Equity Line of Credit Rates
Home equity line of credit rates are averaging 5.15 percent, unchanged from last week’s average HELOC rate.
The average contract rate on long term mortgages decreased for the week ending January 7, 2011. In the most recent Weekly Mortgage Applications Survey released this morning by the Mortgage Bankers Association, the average contract rate on 30 year mortgages decreased to 4.78 percent. The previous week's mortgage survey had 30 year rates at 4.82 percent. Mortgage discount points on 30 year mortgages decreased to 0.91 points, down from the previous week's average of 1.10 points.
