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Mortgage Rates Higher, Less People Apply For Home Mortgage Loans

Mortgage rates increased and mortgage loan applications fell in the latest mortgage survey. Average mortgage rates are at the highest level in a month. In the weekly Mortgage Application Survey released by the Mortgage Bankers Association the average contract rate on 30 year mortgage loans increased to 4.69% with 0.90 mortgage points. The average mortgage rate the prior week was 4.46% with 1.19 mortgage points.

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The average contract mortgage rate on 15 year mortgage loans was also higher this week. The average 15 year mortgage rate was 3.79% with 0.88 mortgage points, up from the prior week's average of 3.64% with 0.88 mortgage points.

Naturally when mortgage rates move higher the number of people applying for a home loan drops. Mortgage applications decreased 5.2 percent from one week earlier.

Following is a more in-depth mortgage rate report released by MonitorBankRates.com on Monday:

Mortgage Rates


30 year conforming mortgage rates are averaging 4.55%, up from last week's average mortgage rate of 4.43%. 15 year conforming mortgage rates are averaging 3.77%, an increase from the previous week's average 15 year mortgage rate of 3.69%.

30 year jumbo mortgage rates today are averaging 5.08%, an increase from the prior week's average 30 year jumbo mortgage rate of 5.01%.
Current 15 year jumbo mortgage rates are averaging 4.42%, up from last week's average 15 year jumbo rate of 4.27%.

Conforming Adjustable Mortgage Rates


1 year adjustable mortgage rates are averaging 3.66%, no change from last week’s average 1 year adjustable jumbo mortgage rate of 3.66%.

Current 3 year adjustable mortgage refinance rates and adjustable mortgage rates are averaging 3.13%, up from last week’s average 3 year adjustable mortgage rate of 3.00%.

Refinance rates and mortgage rates today on 5 year adjustable mortgages are averaging 3.16%, up from the prior week’s average rate of 3.04%.

Refinance mortgage rates and mortgage rates currently on 7 year adjustable home loans are averaging 3.61%, up from the previous week’s average 7 year loan rate of 3.36%.

10 year adjustable mortgage loan rates are averaging 4.06% this week, up from last week’s average 10 year adjustable rate of 3.84%. Current mortgage refinance rates on 10 year home loans are also averaging 4.06%.

Current Adjustable Jumbo Mortgage Rates


1 year jumbo adjustable loan rates are averaging 4.05%, up from the prior week’s average 1 year jumbo adjustable loan interest rate of 3.12%. Refinance rates on 1 year jumbo mortgage loans are also averaging 4.05%.

3 year adjustable jumbo rates are averaging higher at 3.52%, down from last week’s average 3 year jumbo adjustable rate of 3.53%. Today’s refinance interest rates on 3 year jumbo loans are also lower, averaging 3.52%.

5 year adjustable jumbo rates today are averaging 3.42%, an increase from last week’s average jumbo adjustable rate of 3.31%. Today’s refinancing mortgage interest rates are also averaging 3.42%.

Current 7 year jumbo adjustable loan rates are averaging 4.00%, up from last week’s average 7 year adjustable home loan rate of 3.87%. 7 year jumbo refinance loan rates are also higher at 4.00%.

10 year jumbo loan rates are averaging 4.55%, up from the prior week’s average 10 year jumbo home loan rate of 4.34%. 10 year jumbo refinance interest rates are also higher, averaging 4.55%.

Today's Conforming Interest Only Adjustable Mortgage Rates


3 year interest only adjustable mortgage loan rates are averaging 3.37%, up from last week’s average interest only mortgage loan rate of 3.00%. 3 year interest only adjustable refinance mortgage rates are also averaging 3.37%.

5 year IO adjustable loan rates are averaging 3.43%, up last week’s average five year interest only mortgage loan rate of 3.09%. Current 5 year interest only adjustable refinance mortgage loan rates are also averaging 3.43%.

7 year interest only adjustable mortgage loan rates are averaging 3.80%, up from last week’s average 7 year interest-only mortgage interest rate of 3.51%. 7 year adjustable refi loan rates are averaging 3.80%.

Interest Only Jumbo Mortgage Rates Current


3 year jumbo interest only adjustable loan rates are averaging 4.60%, up from last week’s average jumbo adjustable interest only rate of 4.45%. 3 year interest only adjustable jumbo refi rates are also averaging 4.60%.

5 year adjustable jumbo interest only rates are averaging 3.83%, up from last week’s average IO home mortgage interest rate of 3.67%. 5 year jumbo adjustable IO loan rates are also averaging at 3.87%.

7 year jumbo interest only adjustable rates are averaging 4.22%, up from last week’s average jumbo 7 year home loan rate of 4.04%. Current 7 year jumbo adjustable interest-only rates are also averaging 4.22%.

Home Equity Loan Rates Today


10 year home equity loan rates are averaging 6.77%, unchanged from last week’s average home equity loan rate.

15 year home equity rates are averaging 6.87%, unchanged from the prior week’s average home equity loan rate.


Today's HELOC Rates


Home equity line of credit rates are averaging 4.97%, up from last week’s average rate HELOC rate of 4.95%.

We offer free mortgage rate widgets for your website. You can display national average mortgage rates and state average mortgage rates by using our mortgage rate widgets. Get the code here: Mortgage Rates Widgets.

 
Author: Lisa Graham
July 6th, 2011