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Mortgage Rates Lower in Latest Mortgage Survey: 30 Year Mortgage Rates at 5.00%

Long term mortgage rates are lower in the latest mortgage survey released by the Mortgage Bankers Association (MBA). In the Weekly Mortgage Application Survey both 30 year mortgage rates and 15 year mortgage rates decreased. The average contract mortgage rate on 30 year mortgages is 5.00 percent for the week ending February 18, 2011, down from the previous week’s average of 5.12 percent. Average mortgage discount points increased to 0.97 percent, up from the prior week’s average of 0.85 percent.

The  average contract 15 year mortgage rate is down to 4.28 percent for the week ending February 18, 2011, down from the prior week’s average contract 15 year mortgage rate of 4.34 percent. Mortgage points averaged 0.80 points, down from the prior week’s average of 0.85 points.

Author: Brian McKay
February 23rd, 2011