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Mortgage Rates Mixed: 30 Year Mortgage Rates Up to 4.82%, 15 Year Mortgage Rates Down to 4.23%

mortgage-rates-mixed-30-year-mortgage-rates-up-to-482-15-year-mortgage-rates-down-to-423Mortgage rates were mixed in the latest mortgage survey released this morning. The current average contract 30 year mortgage rate increased to 4.82 percent for the week ending June 11, 2010 in the latest Weekly Mortgage Application Survey released Mortgage Bankers Association. This week's average mortgage rate is up from the previous week when 30 year mortgage rates averaged 4.81 percent. Average mortgage discount points decreased to 0.89 points, down from the prior week’s average of 1.02 points.

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15 year mortgage rates were down for the week ending June 11, 2010. The average contract mortgage rate for 15 year mortgages decreased to 4.23 percent, down from the prior week’s average 15 year mortgage loan rate of 4.26 percent.  Average mortgage discount points decreased to 0.83 points, down from the prior week’s average of 0.95 points.

1 year adjustable mortgage rates were higher for the week ending June 11, 2010. The average contract rate of 1 year adjustable mortgages was up to 7.07 percent, up from the prior week’s average contract mortgage rate was 6.94 percent. Average mortgage points decreased to 0.27 points, down from the prior week’s average of .030 points.

Mortgage applications for both home purchases and refinancing increase for the week ending June 11, 2010. The MBA’s Market Composite Index, a measure of mortgage loan application volume increased 17.7 percent on a seasonally adjusted basis from one week earlier.

The Purchase Index, which is a measure of mortgage loan application volume increased 7.3 percent on a seasonally adjustable basis from one week earlier.

The Refinance Index, which is a measure of mortgage loan application volume for mortgage home refinances increased 21.1 percent from the previous week.
 
Author: Brian McKay
June 16th, 2010