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Mortgage Rates and Mortgage Applications Decline: 30 Year Rates at 4.79%, 15 Year Rates at 4.03%

Both mortgage rates and applications for mortgage loans declined in the latest mortgage survey released this morning. In the Weekly Mortgage Application Survey released by the Mortgage Bankers Association, the average 30 year mortgage rate decreased to 4.79 percent with 1.07 mortgage discount points for the week ending March 11, 2011. In the prior weeks 30 year mortgage rates averaged 4.93 percent with 0.87 mortgage discount points.

Right now on our mortgage rates and refinance rates list for California, Ditech is offering 30 year fixed conforming refinance rates at 4.99 percent with 0.275 mortgage discount points. You can search for the lowest rates in your state on our rate tables at MortgageRates.MonitorBankRates.com.



The  average contract 15 year mortgage rate is also lower for the week ending March 11, 2011. The average 15 year mortgage rate is at 4.03 percent with mortgage discount points averaging 0.85 points. In the previous week's survey, 15 year mortgage rates averaged 4.17 percent with points averaging 1.15.
 
Author: Brian McKay
March 16th, 2011