Mortgage Rates Down: 30 Year Mortgage Rates at 4.96%

Mortgage rates decreased in the latest mortgage survey released this morning. 30 year year mortgage rates are once again back under 5.00 percent according to the most recent Weekly Applications Survey released by the Mortgage Bankers Association. The average contract 30 year mortgage rate was 4.96 percent for the week ending May 7, 2010, down from the prior week's average mortgage rate of 5.02 percent. Mortgage discount points averaged 0.91 points, down from the prior week's average of 0.92 points.

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15 year contract mortgage rates are also down for the week ending May 7 , 2010. The average 15 year contract mortgage rate is 4.32 percent, down from the previous week's average 15 year rate of 4.34 percent. Mortgage points increased to 0.81 points, up from the previous week’s average of 0.80 points.

1 year adjustable mortgage rates decreased to 6.86 percent for the week ending May 7, 2010, down from the prior week’s average mortgage rate of 7.03 percent. Mortgage points averaged 0.35 points, up from the prior week’s average of 0.28 points.

Lower current mortgage rates drove mortgage applications for refinance higher.  The Refinance Index, which measures mortgage applications for refinancing, jumped 14.8 percent from the previous week.