Mortgage Rates Increase in Mortgage Survey: 30 Year Mortgage Rates Averaging 4.81%, 15 Year Mortgage Rates Averaging 4.13%

Mortgage rates increased slightly in the latest Mortgage Application Survey released this morning by the Mortgage Bankers Association. The average contract 30 year mortgage rate increased to 4.81 percent for the week ending January 28, 2011, a slight increase from the prior week’s average of 4.80 percent. Average mortgage points on 30 year mortgages was 1.02 points, down from the previous week’s average of 1.19 points.

The  average contract 15 year mortgage mortgage also increased slightly for the week ending January 28, 2011. 15 year mortgage rates averaged 4.13 percent, up from the prior week’s average 15 year rate of 4.12 percent. Mortgage discount points averaged 1.01 points, a decrease from the prior week’s average of 1.26 points.