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Mortgage Rates are Higher Once Again in MBA Mortgage Survey: 30 Year Mortgage Rates at 4.84%, 15 Year Mortgage Rates at 4.21%

Mortgage rates are higher again in this week's mortgage survey released by the Mortgage Bankers Association. The average contract mortgage rate for 15 year mortgages is above 4.00 percent and at the highest point since June 2010. Mortgage rates today are even higher since the MBA's Weekly Mortgage Application Survey is for the week ending December 10, 2010.

The average contract mortgage rate on 30 year home mortgage loans increased to 4.84 percent for the week ending December 10, 2010, up from the previous week’s average year mortgage rate of 4.66 percent. 30 year mortgage rates have increased for the fifth consecutive week and haven’t been higher in the survey since May, 2010. Average mortgage discount points on 30 year home mortgage loans increased to 1.34 points, an increase from the prior week’s average of 0.94 points.



15 year home mortgage rates increased to 4.21 percent for the week ending December 10, 2010, up from the previous week’s average 15 year home mortgage rate of 3.98 percent. Average mortgage discount points on 15 year home mortgage loans was 1.28 points, up from the previous week’s average of 0.97 points.
 
Author: Brian McKay
December 15th, 2010