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Mortgage Rates Drop: 30 Year Mortgage Rates at 4.83%, 15 Year Mortgage Rates at 4.19%

Mortgage rates dropped in the latest mortgage survey released this morning. The average mortgage contract rate for 30 year mortgages is down this week according to the most recent Weekly Applications Survey released by the Mortgage Bankers Association. 30 year mortgage rates are averaging 4.83 percent for the week ending May 14, 2010, down from the previous week's average mortgage rate of 4.96 percent. Mortgage discount points averaged 1.08 points, an increase from the prior week’s average of 0.91 points.

Find current mortgage rates and refinance mortgage by using our mortgage rate tables at MortgageRates.MonitorBankRates.com.



Current 15 year mortgage rates are also down for the week ending May 14, 2010. The average 15 year contract mortgage rate is 4.19 percent, a decrease from the prior week’s average 15 year mortgage rate of 4.32 percent. Mortgage discount points increased to 1.36 points, up from the previous week’s average of 0.81 points.

1 year adjustable mortgage rates decreased to 6.81 percent for the week ending May 14, 2010, down from the prior week’s average mortgage rate of 6.86 percent. Mortgage discount points averaged 0.37 points, up from the prior week’s average of 0.35 points.

Although lower mortgage rates contributed to a big increase in the MBA's Refinance Index, the MBA's Purchase Index dropped 27 percent. Most people in the market to buy a home did so before the end of April to take advantage of the First-Time Home Buyer Tax Credit.

The Purchase Index measures mortgage applications for home purchases and the Refinance Index measures mortgage applications for home owners who are refinancing their current mortgage. The Refinance Index jumped 14.5 percent from the previous week.
 
Author: Brian McKay
May 19th, 2010