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Mortgage Rates Decrease Again MBA: 30 Year Mortgage Rates at 4.60%

Mortgage rates decreased in the latest mortgage survey released this morning. Lower mortgage rates increased mortgage application volume in this week's Mortgage Applications Survey released by the Mortgage Bankers Association. Low mortgage rates caused mortgage application volume to increase for both buying a home and refinancing a home.

The Market Composite Index, which measures home mortgage loan application volume, increased 1.3 percent on a seasonally adjusted basis from one week earlier.

The average contract mortgage rate on 15 year mortgages hit the lowest point ever for the week ending July 30, 2010. The average contract 15 year mortgage rate hit a low of 4.03 percent. Average mortgage discount points on 15 year home loans increased to 1.01 points, up from 0.8 points the previous week.

The average contract 30 year mortgage interest rate decreased to 4.60 percent for the week ending July 30, 2010, down from the previous week’s average 30 year mortgage rate of 4.69 percent. Mortgage discount points on 30 year mortgages averaged increased to 0.93 points, up from the previous week’s average of 0.88 points.

1 year adjustable mortgage rates were also lower for the week ending July 30, 2010. The average contract mortgage interest rate on 1 year adjustable mortgages decreased to 7.10 percent, down from the prior week when 1 year adjustable rate mortgages averaged 7.15 percent. Mortgage discount points averaged 0.21 points, a decrease from previous week’s average of 0.23 points. 

You can compare mortgage rates in Georgia or any other state by using MonitorBankRates' mortgage rate tables. We also offer mortgage rate widgets for both national average mortgage rates and state specific mortgage rates. The free widgets are great for website owners including realtor websites.
Author: Brian McKay
August 4th, 2010