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Mortgage Rates and Mortgage Applications Decline in MBA Survey

Mortgage rates and applications for refinancing mortgage loans declined in this week's mortgage survey released by the Mortgage Bankers Association. Average mortgage refinance rates have increased since early August but have reversed course and headed down again this past week. Late last week the Fed Charmin, Ben Bernanke, hinted that the Fed is ready to act to drive interest rates lower to help the economy. As a result 10 year bond yields which hit a recent high of 1.85 percent are now back down to 1.56 percent. Mortgage rates have also come down and will probably make new all-time lows this coming week.

In the MBA's Weekly Application Survey for the week ending August 24, 2012, 30 year mortgage rates averaged 3.80 percent with 0.42 mortgage point. The average 30 year mortgage rate is down from the prior week's average rate of 3.86 percent with 0.42 points. In Bankrate's national average survey mortgage rates today on 30 year conforming loans are averaging 3.55 percent.

The MBA's Market Composite Index, which is a measure of loan demand for home purchases and refinances, decreased 4.3 percent on a seasonally adjusted basis from one week earlier.  The Refinance Index, which is a measure of refinance loan demand, decreased 6 percent. The seasonally adjusted Purchase Index, which is loan demand for home purchases, increased more than 1 percent from one week earlier.

Both the MBA's and Bankrate's average rate are just averages, you can find lenders advertising 30 year conforming rates well below the averages. Some lenders are offering conforming 30 year mortgage refinance rates on our rate tables as low as 3.13 percent with points. We also have lenders offering 30 year refinance rates at 3.38 percent with no mortgage points. Search our rate tables for the lowest mortgage rates in your state.

30 year jumbo mortgage interest rates averaged 4.06 percent with 0.34 mortgage points for the week ending August 24, 2012, a decline from the prior week's average 30 year jumbo mortgage rate of 4.11 percent with 0.42 mortgage points. Current jumbo mortgage rates in Bankrate's national average survey are averaging 4.21 percent.

There are lenders out there offering 30 year jumbo refinance rates today which are lower than the average rates. Right now on our rate tables in the Washington D.C. area there are lenders offering today's refinance rates on 30 year jumbo loans as low as 4.00 percent with points.

Average 30 year FHA mortgage rates were at 3.60 percent with 0.48 mortgage points for the week ending August 24, 2012, down from the previous week's average 30 year FHA mortgage rate of 3.62 percent with 0.50 mortgage points. Currently on our FHA refinance rates list for the state of Nevada there are lenders offering FHA refi rates as low as 3.13 percent with points.

15 year refinance mortgage rates averaged 3.12 percent with 0.44 mortgage points for the week that ended on August 24, 2012. The average 15 year mortgage rate is down from the prior week's average of 3.15 percent with 0.44 points. Mortgage rates today on our rate list in California for a refinance can be found as low as 2.25 percent with 2 points. Without points there are lenders offering rates as low as 2.75 percent.

5 year conforming adjustable mortgage rates made an all-time low in the MBA's survey for the week ending August 24, 2012. Average 5 year conventional adjustable mortgage rates averaged 2.68 percent with 0.36 mortgage points, down from the prior week's average of 2.74 percent with 0.38 points.

Today's mortgage refinance rates on 5 year adjustable loans can be found below the incredibly low average rate. Right now on our rate table in Arizona there are lenders offering 5 year adjustable refinance rates at 1.75 percent with points. Feel free to use our rate tables to search for the lowest mortgage rates for home purchases and refinance rates for refinancing your current loan.
Author: Brian McKay
September 2nd, 2012