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Current Mortgage Rates Move Higher Sending Refinance Application Demand Lower
 

Current Mortgage Rates Move Higher Sending Refinance Application Demand Lower

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For the fourth consecutive week current mortgage rates moved higher on conforming mortgage loans, jumbo mortgage loans and FHA mortgage loans. Higher mortgage rates caused demand for mortgage loans to decline for both home purchases and refinances.

In the Mortgage Bankers Association's Weekly Mortgage Survey conventional 30 year mortgage rates averaged 3.86 percent for the week ending August 17, 2012. The average 30 year conventional mortgage rate is up from last week's average of 3.76 percent. Average mortgage points this week declined to 0.42 from last week's average of 0.47 mortgage points.

Mortgage rates today on 30 year loans are averaging 3.84 percent as 10 year bond yields have moved even higher from the MBA's survey date of August 17, 2012. Of course you can find both mortgage rates and refinance rates below the averages. Current refinance rates on 30 year mortgage loans can be found as low as 3.25 percent on our rate tables in Texas.

Average 30 year jumbo mortgage rates also moved higher for the week ending August 17, 2012. Jumbo mortgage rates averaged 4.11 percent with 0.42 mortgage points. In the prior week's survey the average 30 year jumbo mortgage rate as at 4.03 percent with 0.27 points.

Refinance rates today on 30 year jumbo mortgage loans are averaging 4.16 percent but you can find 30 year jumbo refinancing rates below the average. Right now on our jumbo refi rates list for New York there are lenders offering rates below 4.00 percent.

Current mortgage rates on 30 year FHA loans averaged 3.62 percent with 0.50 mortgage points, up from the prior week's average of 3.53 percent wtih 0.49 mortgage points. You can find today's mortgage rates on 30 year FHA loans as low as 3.25 percent on our rate tables for California.

Today's mortgage rates on 15 year conforming mortgage loans averaged 3.15 percent with 0.44 mortgage point. The average 15 year conforming mortgage rate is up from last week's average of 3.12 percent with 0.40 mortgage point.

Currently on our 15 year conforming refinance rates list there are lenders offering rates below the averages. In the state of New Jersey there are lenders offering 15 year refinancing rates as low as 2.75 percent with points.

Average adjustable mortgage rates on 5 year conforming loans were also higher in this week's survey. 5 year adjustable mortgage interest rates averaged 2.74 percent with 0.38 points. Last week's survey had the average 5 year adjustable mortgage rate at 2.73 percent with 0.36 points.

Mortgage rates today on 5 year conforming loans can be found as low as 2.50 percent with points on our 5 year refi rates list in Florida. Depending on the state you live you can find mortgage rates and refinance rates below the averages on all types of loans.

Author: James Martin
August 22nd, 2012