Mortgage rates and the amount of people applying for a home mortgage loan increased in this week’s Mortgage Application Survey released by the Mortgage Bankers Association, plus mortgage rates today moved higher as well. Current 30 year mortgage lending rates are averaging 4.69 percent, an increase from week’s average mortgage rate of 4.60 percent.
Mortgage discount points on 30 year home mortgage loans decreased to 0.69 from 0.93 (including the origination fee).
The average contract interest rate for 15-year fixed mortgage rates increased to 3.78 percent from 3.75 percent, with mortgage discount points decreasing to 1.04 from 1.22 points.
Applications for mortgage loans increased 1.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 20, 2011. This is a surprise since mortgage rates increased this week but a 1.1 percent increase isn’t much anyway.
The Market Composite Index, which measures mortgage loan application volume, increased 1.1 percent on a seasonally adjusted basis from one week earlier.
The Refinance Index increased 0.9 percent to its highest level since December 10, 2010. Applications for refinancing a mortgage has been the higher part of application volume for over a year now since mortgage rates are low.