The number of home owners refinancing surged in the most recent mortgage survey thanks to mortgage rates current being near record lows. Mortgage applications increased 21.7 percent for the week ending August 5, 2011, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.
Current mortgage rates on 30 year home loans declined to 4.37%, down from the previous week’s average 30 year mortgage rate of 4.45%. Current mortgage discount points on 30 year mortgage loans increased to 1.07 points, up from the previous week’s average of 0.78 mortgage points.
Mortgage rates currently on 15 year mortgage loans was unchanged for the week ending August 5, 2011. Current mortgage rates on 15 year mortgage rates are averaging 3.52%. Today’s mortgage discount points on 15 year mortgage loans decreased to 0.96 points, down from the prior week’s average of 1.02 points.
Bond yields have declined significantly over the past several weeks which will force today’s mortgage rates lower. A year ago around this time 30 year mortgage rates were higher around 5.00%, now mortgage rates today are near lows for 2011 and near record lows.