MBA – 30 Year Mortgage Rates at 5.02%, Mortgage Applications Drop

The Mortgage Bankers Association (MBAs,) released its weekly Mortgage Applications Survey showing applications for mortgages decreasing and mortgage rates going up  for the week ending October 9, 2009.

The increase in mortgage interest rates for the week ending October 9 included 30 year mortgage rates, 15 year mortgage rates and one year adjustable rate mortgages.

The average contract mortgage rate for a fixed 30 year rate mortgage is back above 5.00 percent at 5.02 percent, up from the prior week's average rate mortgage loan rate of 4.89 percent. This is the first time since September 15 that 30 year mortgage rates are back over 5.00 percent.  Average discount points decreased to 1.11 points from 1.13 points.

The average contract mortgage interest rate for a 15-year fixed-rate mortgage increased to 4.44 percent, up from last week's average contract interest rate of 4.32 percent. Discount points remained the same at 1.04 points.

The average contract mortgage interest rate for one year adjustable mortgage rates is at 6.71 percent, up from the previous week's average rate of 6.56 percent. Discount points increased to 0.32 points from 0.30 points.

Earlier this week we reported on jumbo mortgage rates.  Following is an excerpt from the report.

Jumbo Mortgage Rates

• 30-year jumbo mortgage rates were down slightly this week over last.  Current jumbo mortgage rates are at 5.83%, down from last week’s average rate of 5.84%. 
• Average 15 year jumbo rate mortgages are at 5.44% this week, down from the previous week’s rate of 5.50 percent.

The MBA's Market Composite Index, which measures home mortgage loan application volume, was down 1.8 percent on a seasonally adjusted basis from the previous week.  The Refinance Index, which measures refinance application volume decreased 0.1 percent from the previous week.

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