Mortgage Rates: Home Mortgage Rates

mortgage-rates-home-mortgage-ratesThe average contract rate for a 30-year mortgage was unchanged this week at 5.34 percent with 1.15 points according to this week's Weekly Mortgage Applications Survey released by the Mortgage Bankers Association. The average contact rate for a 15-year mortgage increased slightly to 4.83 percent this week, up from the prior week's average mortgage contract rate of 4.81 percent. The average contract rate on a one-year adjustable rate mortgage (ARM) also increased, the rate this week is 6.58 percent, up from the previous week's average rate of 6.52 percent.

Even with the increase in home mortgage rates the MBA's mortgage loan application survey increased 10.9 percent on seasonally adjusted basis from a week earlier. The Purchase Index increased 6.7 percent on a seasonally adjusted basis and the mortgage refinance index increased 15.2 percent on a seasonally adjusted basis.

Home Mortgage Rates

The increase in home purchase and refinancing is probably because mortgage rates have come down from the recent highs set last month. The week of May 18, 2009, reported conforming 30-year fixed rate mortgages at 4.85 percent, on June 14, 2009, MBR reported fixed rate conforming 30-year mortgages at 5.70 percent, almost a full percentage point higher in a month's time. 30-year fixed rate conforming mortgages are now around 5.4o percent.

Jumbo Mortgage Rates

30-year jumbo mortgage rates increased a lot less during the same time frame because jumbo mortgage rates haven't come down as much as conforming mortgage rates the past year. On May 18, 2009, the average rate on 30-year jumbo mortgage was at 6.12 percent, on June 14, the average rate was 6.51, today's jumbo mortgage rates are at 6.28 percent.

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Author: Brian McKay
July 9th, 2009

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