Mortgage Rates: Current Mortgage Rates Mixed, 30 Year Mortgage Rates at 4.80%, Refinance Applications up 17%

Mortgage rates were mixed in current Weekly Application Survey released this morning. The average contract 30 year mortgage rate declined to 4.80 percent with  for the week ending May 21, 2010, down from the previous week's average mortgage rate of 4.83 percent. Average mortgage discount points remained unchanged at 1.08 points.

Searching for today's mortgage rates? Use our mortgage rate tables at MortgageRates.MonitorBankRates.com to find the best mortgage rates in your state.

15 year mortgage rates increased for the week ending May 21, 2010. The average contract 15 year mortgage rate increased to 4.25 percent, up from an average 15 year mortgage interest rate of 4.19 percent the previous week. Mortgage discount points decreased to 1.00 percent from 1.36 points.

Loan Term
Lender
APR / Rate
Fees / Points
Payment
District Lending
NMLS #1835285
5.604%
15-Year Fixed
5.375%
$6,000
Includes 1.000 points for $4,000
Lender Fees: $2,000
$3,242 /mo
Bison State Bank
NMLS #757416
5.843%
15-Year Fixed
5.750%
$2,408
Includes 0.602 points for $2,408
Lender Fees: $0
$3,322 /mo
PenFed Credit Union
NMLS #401822
5.932%
15-Year Fixed
5.625%
$8,000
Includes 1.000 points for $4,000
Lender Fees: $4,000
$3,295 /mo
New American Funding, LLC.
NMLS #6606
6.132%
15-Year Fixed
5.990%
$3,644
Includes 0.911 points for $3,644
Lender Fees: $0
$3,374 /mo
District Lending
NMLS #1835285
6.482%
30-Year Fixed
6.375%
$4,500
Includes 0.625 points for $2,500
Lender Fees: $2,000
$2,496 /mo
Bison State Bank
NMLS #757416
6.699%
30-Year Fixed
6.624%
$3,124
Includes 0.781 points for $3,124
Lender Fees: $0
$2,561 /mo
New American Funding, LLC.
NMLS #6606
6.833%
30-Year Fixed
6.740%
$3,828
Includes 0.957 points for $3,828
Lender Fees: $0
$2,592 /mo
PenFed Credit Union
NMLS #401822
7.022%
30-Year Fixed
6.875%
$5,995
Includes 1.000 points for $4,000
Lender Fees: $1,995
$2,628 /mo
Rocket Mortgage
NMLS #3030
7.035%
15-Year Fixed
6.875%
$4,000
Includes 1.000 points for $4,000
Lender Fees: $0
$3,568 /mo
District Lending
NMLS #1835285
7.143%
5-Year ARM
7.000%
$5,804
Includes 0.951 points for $3,804
Lender Fees: $2,000
$2,662 /mo
Rocket Mortgage
NMLS #3030
7.200%
30-Year Fixed
7.125%
$3,000
Includes 0.750 points for $3,000
Lender Fees: $0
$2,695 /mo
Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

1 year adjustable mortgage rates also increased for the week ending May 21, 2010. The average contract adjustable mortgage interest rate was 6.83 percent, up from the prior week's average adjustable mortgage rate of 6.81 percent. Average mortgage points increased to 0.38 points, up from the prior week's average of .037 points.

Current low mortgage rates continue to help the refinance market. Mortgage refinance applications jumped again for the week ending May 21, 2010. The Refinance Index, which is a measure of mortgage applications for refinancing an existing mortgage increased 17 percent from the prior week.

 
Author: Brian McKay
May 26th, 2010

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