Fixed Mortgage Rates Jump Over 0.25 Percent

According to the Mortgage Bankers Association, the 30 year fixed mortgage rate topped the 6 percent to end the week at 6.08 percent, up 0.26 percent from a week ago. The 15 year fixed rate mortgage jumped 0.30 percent to 5.84 percent and the 1 year adjustable mortgage rate increased from 6.95 percent to 7.01 percent throughout the week.

Mortgage loan application volume is down 10.6 percent on an adjusted basis and down 11.1 percent on an unadjusted basis for the week ending September 19, 2008. Compared to one year ago, mortgage loan applications are down 9.3 percent.

The Refinance Index decreased 11.2 percent to 2043.4 from the previous week and the seasonally adjusted Purchase Index decreased 10.0 percent to 342.2 from one week earlier. The Conventional Purchase Index decreased 10.4 percent while the Government Purchase Index (largely FHA) decreased 8.9 percent.

For detailed mortgage rates visit Future Planning Financial at www.fpf-direct.com.