Mortgage Rates Increase Forcing Mortgage Applications to Decrease: 30 Year Mortgage Rates at 4.39%

Mortgage rates increased in the latest mortgage survey. Higher mortgage rates, erratic stock market swings and uncertainty about the economy kept potential home buyers on the sidelines as the demand for mortgages decreased. In the most recent Weekly Mortgage Application Survey released by the Mortgage Bankers Association current 30 year mortgage rates are averaging 4.39% for the week ending August 19, 2011, up from the previous week's average mortgage rate of 4.32%. As a result mortgage applications decreased 2.4 percent from one week earlier.

Find a list of today's mortgage rates by searching our rate tables here: Today's Mortgage Rates. Unlike most websites we don't require any personal information to view a list of mortgage rates or refinance rates.

Average 15 year mortgage rates were also higher for the week ending August 19, 2011. Mortgage rates on 15 year mortgages averaged 3.56%, an increase from the previous week's average 15 year mortgage rate of 3.47%.

The Market Composite Index, which is a measure of mortgage loan application volume, decreased 2.4 percent on a seasonally adjusted basis from one week earlier.

The Refinance Index, which is a measure of refinance loan application volume, decreased 1.7 percent from the previous week. The seasonally adjusted Purchase Index decreased 5.7 percent from one week earlier and is at the lowest level in the survey since December 1996.

You can view a list of average mortgage rates released by MonitorBankRates.com on Monday:

Mortgage Rates Today

Mortgage rates declined again this week and 30 year mortgage rates hit an all-time low of 4.14% in MonitorBankRates’ Weekly Average Mortgage Rate Survey. Millions of homeowners can’t take advantage of record low mortgage rates and refinance because they don’t have the required 80% loan-to-value (LTV) ratio many lenders now require.

The Mortgage Bankers Association also reported a rise in mortgage delinquencies to a seasonally adjusted rate of 8.44 percent of all loans outstanding as of the end of the second quarter of 2011, an increase of 12 basis points from the first quarter of 2011.

Conforming 15 year mortgage rates are also at record lows in this week’s survey. 15 year mortgage rates currently are averaging 3.36%, down from last week’s average 15 year mortgage rate of 3.50%.

Mortgage rates on 30 year jumbo mortgages are averaging 4.62%, down from last week’s average 30 year jumbo mortgage rate of 4.70%.  Average mortgage rates today on 15 year jumbo mortgages are at 3.87%, down slightly from last week’s average 15 year jumbo rate of 4.08%.

Conventional Adjustable Mortgage Rates Currently

1 year adjustable mortgage rates today are averaging 3.48%, down from last week’s average 1 year adjustable jumbo mortgage rate of 3.48%.

Current 3 year adjustable mortgage rates today are averaging 2.98%, up from last week’s average 3 year adjustable mortgage rate of 2.95%.

5 year adjustable mortgage rates are averaging 2.99%, down slightly from the prior week’s average 5 year adjustable rate of 3.00%.

Today’s 7 year adjustable mortgage rates are averaging 3.17%, down from the previous week’s average 7 year adjustable mortgage rate of 3.23%.

10 year adjustable mortgage rates currently are averaging 3.60%, down from last week’s average 10 year adjustable rate of 3.76%.

Today's Adjustable Jumbo Mortgage Rates

Current 1 year jumbo adjustable mortgage rates are averaging 3.12%, unchanged from last week’s average adjustable jumbo mortgage rate.

3 year adjustable jumbo rates today are averaging higher at 3.42%, up from last week’s average 3 year jumbo adjustable rate of 3.33%.

5 year adjustable jumbo mortgage rates current are averaging 3.23%, down from last week’s average jumbo adjustable rate of 3.25%.

7 year jumbo adjustable mortgage loan rates are averaging 3.61%, down from last week’s average 7 year adjustable home loan rate of 3.64%.

10 year jumbo loan rates are averaging 4.13%, down from the prior week’s average 10 year jumbo home mortgage loan rate of 4.15%.

Conventional Interest Only Adjustable Mortgage Rates Current

3 year interest only adjustable mortgage loan rates are averaging 3.25%, up from last week’s average interest only mortgage loan rate of 3.14%.

5 year IO adjustable loan mortgage rates are averaging 3.06%, down last week’s average five year interest only mortgage rate of 3.13%.

7 year interest only adjustable mortgage loan rates are averaging 3.29%, down from last week’s average 7 year interest-only mortgage interest rate of 3.39%.

Interest Only Jumbo Mortgage Rates Today

Today’s 3 year jumbo interest only adjustable loan rates are averaging 3.52%, up from last week’s average jumbo adjustable interest only rate of 3.43%.

Current 5 year adjustable jumbo interest only rates are averaging 3.56%, up from last week’s average IO home mortgage interest rate of 3.55%.

Today’s 7 year jumbo interest only adjustable rates are averaging 3.83%, unchanged from last week’s average jumbo 7 year home mortgage loan rate.

Current Home Equity Loan Rates

10 year home equity loan rates are averaging 6.66%, up from last week’s average home equity loan rate of 6.62%.

15 year home equity rates are averaging 6.68%, up from last week’s average home equity loan rate of 6.86%.

Today's HELOC Rates

Home equity line of credit rates are averaging 5.04%, up from last week’s average rate HELOC rate of 4.97%.

 
Author: Brian McKay
August 25th, 2011

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