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Mortgage Rates Move Higher Today: Current 30 Year Rates at 3.75%

Higher mortgage rates today didn't slow down demand for mortgage loans as the Mortgage Bankers Association reported slight increase for refinance loans this week. The MBA's Refinance Index was up 0.8 percent from the prior week to the highest point since April 2009.  Applications for mortgage refinancing now make up 81 percent of all mortgage applications.

Record low refinance rates has fueled refinance demand for the past couple of years. Homeowners who have enough equity in their homes have refinanced to take advantage of record low refinance rates on both conforming mortgages and jumbo mortgages.

In the MBA's Weekly Application Survey current mortgage rates on 30 year conforming loans were up slightly to 3.75 percent with 0.51 points. Average 30 year mortgage rates are up from the prior week's average of 3.74 percent with 0.43 points.

Today's mortgage rates on 15 year conventional home loans averaged 3.09 percent with 0.49 percent. Average 15 year mortgage refinance rates are up from the previous week's average of 3.07 percent with 0.45 points.

Freddie Mac just released a report showing 81 percent of refinancing homeowners maintain or reduce their mortgage debt when refinancing. This is a big change during the housing boom when homeowners refinancing took cash out.

Mortgage rates today on 30 year FHA mortgage loans remained unchanged in this week's mortgage survey. Current mortgage rates on FHA loans averaged 3.52 percent with 0.55 points. 30 year FHA mortgage rates remained at a record low set last week.

Jumbo mortgage rates on 30 year jumbo loans averaged 4.01 percent with 0.32 points, up from last week's record low 30 year jumbo mortgage rate of 3.99 percent with 0.28 points.

Average adjustable mortgage rates currently on 5 year conforming loans are at 2.73 percent with 0.41 points, up from last week's average 5 year adjustable mortgage rate of 2.73 percent with 0.35 points.
Author: Brian McKay
August 2nd, 2012