Refinance Applications Down as Mortgage Rates Move Higher

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Applications for mortgage loans to refinance an existing mortgage fell this week as mortgage rates moved higher. After making record lows in late July mortgage rates and refinance rates have gone higher for four consecutive weeks. 30 year refinance rates today are averaging 3.66 percent, up from an all-time record low of 3.49 percent.

In the Mortgage Bankers Association's Weekly Mortgage Survey 30 year conforming mortgage rates averaged 3.86 percent with 0.42 points. Average 30 year mortgage rates are up 10 basis points from the previous week's average of 3.76 percent.
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As a result of higher mortgage rates demand for mortgage loans decreased this week. The MBA's Market Composite Index decreased 7.4 percent on a seasonally adjusted basis from one week earlier. The Refinance Index was down 9 percent from one week earlier and the Purchase Index was down 0.9 percent.

Jumbo mortgage rates were also higher in this week's survey. Average 30 year jumbo mortgage rates increased to 4.11 percent with 0.42 mortgage points, up from the prior week's 30 year jumbo mortgage rate of 4.03 percent with 0.27 mortgage points. Current mortgage rates today on 30 year jumbo loans are averaging 4.26 percent.

FHA mortgage rates on 30 year FHA loans increased to 3.62 percent with 0.50 points this week. In last week's survey 30 year FHA mortgage interest rates averaged 3.53 percent with 0.49 mortgage points. Today's mortgage rates on 30 year FHA loans can be found as low as 3.25 percent on our FHA refinance rates list.

15 year mortgage rates on conforming loans averaged 3.15 percent with 0.44 mortgage points in this week's survey. Last week 15 year mortgage interest rates averaged 3.12 percent with 0.40 mortgage points. 15 year mortgage rates today are averaging 2.96 percent.

Right now on our refinance rates list for the state of California there are lenders offering 15 year refi rates below the average of 2.96 percent. You can find 15 year refinancing rates as low as 2.63 percent on our CA refi rates list today.

5 year conforming adjustable mortgage rates averaged 2.74 percent with 0.38 mortgage points, up from last week's average 5 year adjustable mortgage rate of 2.73 percent with 0.36 points. Mortgage rates currently on 5 year loans are averaging 2.98 percent.
 
Author: Brian McKay
August 22nd, 2012