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Today’s Mortgage Rates Up from Record Lows Caused Mortgage Loan Demand to Drop

Today's mortgage rates moving slightly higher caused a dip in the demand for mortgage loans in the Mortgage Bankers Association's most recent Weekly Application Survey. Fixed conforming mortgage rates, jumbo mortgage rates and FHA mortgage rates on 30 year loans all increased this week.

As a result of higher mortgage rates, the MBA's Market Composite Index, a measure of mortgage loan application volume, decreased 1.8 percent on a seasonally adjusted basis from one week earlier. 

Average conventional mortgage rates on 30 year loans increased to 3.76 percent with 0.46 mortgage points, up slightly from an average 30 year mortgage rate of 3.75 percent with 0.51 points the prior week. Right now on our rate table some lenders are offering 30 year current refinance rates as low as 3.25 percent with points.

Mortgage rates on 30 year jumbo home loans averaged 4.04 percent with 0.35 mortgage points. Average 30 year jumbo mortgage rates are up from the previous week's average of 4.01 percent with 0.32 points. Currently on our jumbo refinance rates list you can find lenders offering 30 year jumbo rates below the average rate.

30 year FHA mortgage rates averaged 3.54 percent with 0.49 mortgage points this week. Average FHA mortgage rates today are up from the prior week's average 30 year FHA mortgage rate of 3.52 percent with 0.55 mortgage points.

Average conventional 15 year mortgage rates declined in this week's mortgage rates survey, the only fix mortgage rate to decline. 15 year mortgage interest rates averaged 3.08 percent with 0.41 mortgage points, a decline from last week's average 15 year mortgage rate of 3.09 percent with 0.49 mortgage points.

Average 15 year mortgage rates today are at 3.00 percent in the national average rate survey from Bankrate. You can find lenders in your state offering current mortgage rates on 15 year loans below the average and as low as 2.75 percent.

Adjustable mortgage rates on 5 year conforming loans averaged 2.72 percent with 0.40 mortgage points. Average 5 year adjustable mortgage interest rates are down from last week's average of 2.73 percent with 0.41 points.
Author: Brian McKay
August 8th, 2012