According to the survey released by the Mortgage Bankers Association’s Weekly Mortgage Application Survey 30-year mortgage rates are higher and 15-year mortgage rates are lower. Adjustable mortgage rates are also lower .
30-year fixed mortgages
For 30-year fixed mortgages the average contract mortgage rate has increased from 5.02 % to 5.08 %, with points decreasing from 1.23 to 0.98 for the week ending September 11, 2009. In Freddie Mac’s recent Primary Mortgage Market Survey that has been released on last Thursday the average conforming 30-year mortgage rate was at 5.07 %.
15-year fixed home mortgage rates
15-year fixed home mortgage rates fell from 4.45 % to 4.41 %, with points that decreased from 1.13 to 1.12 for the week ending September 11, 2009. In Freddie’s PMMS survey 15-year mortgage rates were averaging 4.50 %.
One-year adjustable mortgage loan rates
According to Freddie’s survey that was released last Thursday the average contract mortgage interest rate for one-year adjustable mortgage loan rates decreased from 6.69% to 6.61%, discount points increased from 0.19 to 0.20. One-year Treasury-indexed adjustable rate mortgages are at 4.64%.
30-year jumbo mortgage rates
According to our weekly mortgage rates survey released yesterday, current 30-year jumbo mortgage rates are at 5.99 %, which has decreased from last week’s average home loan rate of 6.02%. The average rate for 15-year jumbo mortgages is up to 5.53%, which has shown a rise from last week’s average rate of 5.46%.
MBA’s Market Composite Index
In the latest MBA survey, there has been a decrease in mortgage applications. The MBA’s Market Composite Index (adjusted for the Labor Day Holiday), by which mortgage loan application volume is measured, decreased 8.6% on a seasonally adjusted basis from one week earlier. The Refinance Index, which is considered as a measure of mortgage refinance applications, was down 7.4% from the prior week and the seasonally adjusted Purchase Index was down 10.3% from one week earlier.
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