Mortgage Rates Mortgage Bankers Association: 30 Year Mortgage Rates at 4.46%, 15 Year Mortgage Rates at 3.87%

Home mortgage rates are up considerably in the most recent mortgage rate survey released this morning by the Mortgage Bankers Association (MBA).  30 year fixed mortgage rates are averaging 4.46 percent for the week ending November 12, 2010, up from the prior week’s average 30 year mortgage rate of 4.26 percent. This is the highest 30 year mortgage rate since the mortgage survey for the week ending September 10, 2010. Average mortgage discount points on 30 year home mortgage loans increased to 1.13 points, down from the prior week’s average of 1.04 points.

15 year home mortgage rates are averaging 3.87 percent for the week ending November 12, 2010, up from the previous week’s average 15 year home mortgage rate of 3.64 percent. Average mortgage discount points on 15 year home mortgage loans was 0.91 points, down from the previous week’s average of 1.08 points. 

Since mortgage rates were sharply higher in this week's survey mortgage applications plummeted. The MBA’s Market Composite Index, which is a measure of mortgage application volume, decreased 14.4 percent on a seasonally adjusted bases from one week earlier. The MBA's Refinance Index, which is a measure of mortgage applications for refinancing a mortgage decreased 16.5 percent from the prior week.