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Mortgage Rates Higher, 30 Year Mortgage Rate at 4.83%, 1 Year Adjustable Mortgage Rates at 6.96%

Mortgage rates were mixed in the latest Weekly Mortgage Application Survey released yesterday morning by the MBA. The current average contract 30 year mortgage rate increased to 4.83 percent for the week ending May 28, 2010, up from the previous week’s average mortgage rate of 4.80 percent. Average mortgage discount points decreased to 1.05 points, down from the prior week's average of 1.08 points.

15 year mortgage rates declined slightly for the week ending May 28, 2010. The average contract mortgage rate for 15 year mortgages decreased to 4.24 percent, down from an average 15 year mortgage interest rate of 4.25 percent on May 21, 2010.  Mortgage discount points increased to 1.11 points, up from the previous week's average of 1.00 points.

1 year adjustable mortgage rates were also up for the week ending May 28, 2010. The average contract 1 year adjustable mortgage rate was 6.96 percent, up from the prior week’s average adjustable mortgage interest rate of 6.84 percent. Average mortgage points decreased to 0.27 points, down from the prior week’s average of .038 points.

Low mortgage rates continue to help the refinance market. Mortgage refinance applications were up for the fourth consecutive week. The Refinance Index which measures mortgage applications for home refinancing was up 2.4 percent from the prior week.
Author: Brian McKay
June 3rd, 2010