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Mortgage Rates Mixed in Latest Mortgage Survey: Current 30 Year Mortgage Rates at 4.77%, 15 Year Mortgage Rates at 4.16%

Mortgage rates were mixed in the latest survey released this morning. The average contract 30 yea mortgage rate decreased to 4.77 percent for the week ending January 14, 2011, down from the previous week's average of 4.78 percent. Average mortgage points on 30 year mortgages in the Weekly Mortgage Applications Survey released this morning by the Mortgage Bankers Association were 1.20 points, up from the previous week's average of 0.91 points. The average contract interest rate on 15 year mortgages increased slightly for the week ending January 14, 2011. 15 year mortgage rates averaged 4.16 percent, up from the prior week’s average 15 year rate of 4.15 percent. Mortgage discount points averaged 0.90 points, down from the prior week’s average of 1.01 points.

Current mortgage rates were mixed in the mortgage survey and applications for mortgages were also mixed. The number of people applying for a mortgage application to purchase a home decreased while the number of people applying for a mortgage to refinance a loan increased. The seasonally adjusted Purchase Index decreased 1.9 percent from one week earlier and the Refinance Index increased 7.7 percent from the previous week.


 
Author: Brian McKay
January 19th, 2011