Fixed Rate Mortgages Hit All Time Low MBA: 30 Year Mortgage Rates at 4.25%, 15 Year Mortgage Rates at 3.73%

Fixed rate mortgages decreased to an all time low in the latest mortgage survey released this morning. 30 year fixed mortgage rates and 15 year fixed mortgage rates both made record lows in this week’s Weekly Mortgage Survey released by the Mortgage Bankers Association (MBA). 1 year adjustable mortgage interest rates increased for the third consecutive week in the mortgage rate survey.

30 year fixed home mortgage rates are down to 4.25 percent for the week ending October 1, 2010, down from the prior week’s average contract 30 year home mortgage rate of 4.38 percent. Average mortgage discount points on 30 year home mortgage loans decreased to 1.00 points, down from last week’s average of 1.01 points.

15 year fixed home mortgage interest rates are averaging 3.73 percent for the week ending October 1, 2010, a decrease from the previous week’s average 15 year mortgage interest rate of 3.77 percent. Average mortgage discount points on 15 year home mortgage loan rates increased to 1.14 points, up from the previous week’s average of 1.13 points. 

1 year adjustable home mortgage loan rates increased to 7.11 percent for the week ending October 1, 2010, an increase from last week’s average 1 year adjustable mortgage interest rate of 7.04 percent. Mortgage discount points on 1 year adjustable home mortgage loans averaged 0.24 points, up from the previous week’s average of 0.22 points.

 
Author: Brian McKay
October 6th, 2010

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