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Mortgage Rates: Current Mortgage Rates Mixed, 30 Year Mortgage Rates at 4.80%, Refinance Applications up 17%

Mortgage rates were mixed in current Weekly Application Survey released this morning. The average contract 30 year mortgage rate declined to 4.80 percent with  for the week ending May 21, 2010, down from the previous week's average mortgage rate of 4.83 percent. Average mortgage discount points remained unchanged at 1.08 points.

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15 year mortgage rates increased for the week ending May 21, 2010. The average contract 15 year mortgage rate increased to 4.25 percent, up from an average 15 year mortgage interest rate of 4.19 percent the previous week. Mortgage discount points decreased to 1.00 percent from 1.36 points.

1 year adjustable mortgage rates also increased for the week ending May 21, 2010. The average contract adjustable mortgage interest rate was 6.83 percent, up from the prior week's average adjustable mortgage rate of 6.81 percent. Average mortgage points increased to 0.38 points, up from the prior week's average of .037 points.

Current low mortgage rates continue to help the refinance market. Mortgage refinance applications jumped again for the week ending May 21, 2010. The Refinance Index, which is a measure of mortgage applications for refinancing an existing mortgage increased 17 percent from the prior week.
 
Author: Brian McKay
May 26th, 2010