Mortgage Rates: Average Mortgage Rate Mixed

Mortgage rates were mixed in the latest survey released this week by a mortgage industry association. Current mortgage interest rates have been treading higher the past couple of weeks on the belief that the economy's contraction this quarter won't be as severe as once thought.

We might actually see GDP grow again later this year. Second quarter GDP is being released today, the economy probably shrank around 1.5 percent. Once the economy starts growing again, be prepared for higher mortgage rates soon after.

Mortgage Interest Rates

As a result of the increase in mortgage rates refinancing, activity has declined. The average contract mortgage interest rate is up to 5.36 percent, up from 5.31 percent, with the average points decreasing to 0.93 from 1.18 according to the Mortgage Bankers Association. Mortgage points are paid to by down a mortgage's interest rate.

The average contract interest rate for a 15-year mortgage is down to 4.75 percent from 4.80 percent with the average points of increasing to 1.14 points from 1.03 points. 15-year mortgage rates are low historically speaking, just over a year ago interest rates on a 15-year mortgage were over 6.00 percent.

Adjustable Mortgage Rates

Shorter term adjustable rate mortgages have also been increasing the past couple of weeks while longer term adjustable mortgage rates have been holding steady. The average contract rate for one-year adjustable rate mortgages increased to 6.66 percent from 6.50 percent with the average points going down to 0.09 points from 0.11 points.

Jumbo Mortgage

Earlier this week MonitorBankRates.com reported the average rate on a 30-year jumbo mortgage (fixed rates) was at 6.18 percent this week, down from the prior week’s average mortgage rate of 6.21 percent. Down from the 6.65 percent recent high set on June 15, 2009.

The average mortgage rate on a fixed 15-year jumbo mortgage loan is at 5.81 percent this week, down from the last week’s average rate of 5.83 percent.

Looking for Today's Mortgage Rates?

MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates in  your zip code. Search for Mortgage Rates.