ABBA First 30 year rate at 4.75%- National 30 year interest rate over 5% with a half point charged to you
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The volume of applications for mortgages dropped during the week ending Oct. 5 as average contract interest rates rose to record levels, according to the Weekly Mortgage Applications Survey released by the Mortgage Bankers Association (MBA).
The average contract interest rate for all mortgage types increased during the period. The 30-year fixed-rate mortgage with conforming loan balances averaged 5.05%, its highest level since February 2011, up from 4.96%, with points increasing to 0.51 from 0.49. The average for the 30-year fixed-rate mortgages with jumbo loan balances increased to its highest level since July 2011, 4.99%, from 4.93%, with points increasing to 0.35 from 0.31.
Rates for 30-year fixed-rate mortgages backed by the FHA increased to its highest level since April 2011, 4.98%, from 4.95%, with points decreasing to 0.63 from 0.80. The average for 15-year fixed-rate mortgages increased to its highest level since April 2010, 4.44%, from 4.39%, with points increasing to 0.58 from 0.50. The 5/1 ARM averaged 4.29%, its highest level since the series began in 2011, up from 4.24%, with points increasing to 0.52 from 0.48.