Mortgage Rates Higher in Mortgage Survey: 30 Year Mortgage Rates Averaging 4.92%

Mortgage rates are higher in this week's mortgage survey released this morning. In the Weekly Mortgage Application Survey released by the Mortgage Bankers Association 30 year mortgage rates are averaging 4.92 percent for the week ending March 25, 2011. 30 year mortgage rates increased from 4.80 percent in the prior week's mortgage survey.

15 year mortgage rates averaged 4.16 percent for the week ending March 25, 2011. 15 year mortgage rates are up from the previous week's survey of 4.02 percent.

Higher mortgage rates led to a decrease in mortgage applications in this week's survey. The Market Composite Index, which is a measure of mortgage loan application volume, decreased 7.5 percent on a seasonally adjusted basis from the prior week.

The Refinance indexed decreased more than the Purchase Index.  The Refinance Index,which is a measure of loan application volume for refinances, decreased 10.1 percent from the previous week.  The seasonally adjusted Purchase Index, which measures applications for home purchases, decreased 1.7 percent from one week earlier.