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Mortgage Rates at Lowest Level Ever Recorded MBA: 30 Year Mortgage Rates at 4.57%, 15 Year Mortgage Rates at 3.95%

Mortgage rates decreased to the lowest level ever recorded in the latest Mortgage Applications Survey. Both 30 year mortgage rates and 15 year mortgage rates made record lows. Although mortgage rates hit record lows mortgage loan application volume was flat according to the Mortgage Bankers Association.

Mortgage rates will hit news lows in next week's application survey since bond yields tumbled yesterday on the Feds comments about the economy slowing down. 30 year mortgage rates will probably go under 4.50 percent in next week's mortgage survey.



The Fed also announced they will continue to hold interest rates low for an extended period and start buying longer-term government debt with proceeds maturing from it's mortgage bond holdings.

30 year mortgage rates declined to 4.57 percent for the week ending August 6, 2010, down from the previous week's average contract 30 year mortgage rate of 4.60 percent. Mortgage discount points averaged 0.89 points, down from the prior week's average of 0.93 percent.

The average contract mortgage rate on 15 year mortgages was 3.95 percent for the week ending August 6, 2010, down from the prior week's average 15 year mortgage rate of 4.03 percent. Mortgage discount points on 15 year home loans increased to 1.08 points, up from the previous week's average of 1.01 points.

1 year adjustable mortgage rates were also lower for the week ending August 6, 2010. The average contract adjustable mortgage rate on 1 year adjustable mortgages decreased to 7.00 percent, down from the previous week's average 1 year adjustable rate mortgages averaged 7.10 percent. Mortgage discount points averaged 0.22 points, an increase from previous week’s average of 0.21 points.

You can search and compare mortgage rates in California or any other state by using the mortgage rate tables on MonitorBankRates.com. We also offer free mortgage rate widgets and a mortgage calculator. The mortgage rate widgets are available for both national average mortgage rates and state average mortgage rates for all states.
 
Author: Brian McKay
August 11th, 2010