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.

Loan Term
Lender
APR / Rate
Fees / Points
Payment
District Lending
NMLS #1835285
5.604%
15-Year Fixed
5.375%
$6,000
Includes 1.000 points for $4,000
Lender Fees: $2,000
$3,242 /mo
Bison State Bank
NMLS #757416
5.843%
15-Year Fixed
5.750%
$2,408
Includes 0.602 points for $2,408
Lender Fees: $0
$3,322 /mo
PenFed Credit Union
NMLS #401822
5.932%
15-Year Fixed
5.625%
$8,000
Includes 1.000 points for $4,000
Lender Fees: $4,000
$3,295 /mo
New American Funding, LLC.
NMLS #6606
6.132%
15-Year Fixed
5.990%
$3,644
Includes 0.911 points for $3,644
Lender Fees: $0
$3,374 /mo
District Lending
NMLS #1835285
6.482%
30-Year Fixed
6.375%
$4,500
Includes 0.625 points for $2,500
Lender Fees: $2,000
$2,496 /mo
Bison State Bank
NMLS #757416
6.699%
30-Year Fixed
6.624%
$3,124
Includes 0.781 points for $3,124
Lender Fees: $0
$2,561 /mo
New American Funding, LLC.
NMLS #6606
6.833%
30-Year Fixed
6.740%
$3,828
Includes 0.957 points for $3,828
Lender Fees: $0
$2,592 /mo
PenFed Credit Union
NMLS #401822
7.022%
30-Year Fixed
6.875%
$5,995
Includes 1.000 points for $4,000
Lender Fees: $1,995
$2,628 /mo
Rocket Mortgage
NMLS #3030
7.035%
15-Year Fixed
6.875%
$4,000
Includes 1.000 points for $4,000
Lender Fees: $0
$3,568 /mo
District Lending
NMLS #1835285
7.143%
5-Year ARM
7.000%
$5,804
Includes 0.951 points for $3,804
Lender Fees: $2,000
$2,662 /mo
Rocket Mortgage
NMLS #3030
7.200%
30-Year Fixed
7.125%
$3,000
Includes 0.750 points for $3,000
Lender Fees: $0
$2,695 /mo
Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

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

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