Mortgage Rates: Average Mortgage Rates Drop To Lowest Level 7/16

Mortgage rates dropped to the lowest lever ever recorded in the Mortgage Applications Survey. The Mortgage Bankers Association released their weekly mortgage survey this morning showing both 30 year mortgage rates and 15 year mortgage rates have declined to the lowest point in their survey.

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The average contract 30 year mortgage rate decreased to 4.59 percent for the week ending July 16, 2010, down from the previous week's average 30 year mortgage rate of 4.69 percent. Average mortgage discount points on 30 year mortgages increased to 1.04 points, up from 0.96 points. Mortgage rates will be higher in next week's mortgage survey since rates have been heading higher since Friday.

15 year mortgage rates are also lower for the week ending July 16, 2010. The average contract 15 year mortgage interest rate is down to 4.05 percent, a decline from the previous week’s average 15 year mortgage rate of 4.12 percent. Mortgage discount points averaged 0.88 points on 15 year mortgages, down from last week’s average of 1.04 points.

1 year adjustable mortgage rates decreased to 7.17 percent for the week ending July 16, 2010, down from the prior week's average 1 year adjustable mortgage rate of 7.20 percent. Mortgage discount points averaged 0.24 points, up from last week's average of 0.22 points.