Mortgage Bankers Association this morning released its weekly survey of tracking the mortgage applications, which shows that due to all time low mortgage rates the number of applications applying for a real estate loan has increased by 5.3 percent for the week ending April 17, 2009. In the meanwhile Mortgage Bankers Association's chief economist Jay Brinkmann tells Marketwatch that mortgage rates are likely to stay low for the remainder of the year.

An AP story published in today's SFGate reads that 30-year mortgage rates fell last week after rising a week earlier, and remain just above record lows. "Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages fell to 4.82 percent last week from 4.87 percent the previous week. Rates have been below 5 percent for five consecutive weeks."

According to Freddie, most mortgage rates recede this week while the one-year adjustable rate mortgage is on the rise.

According to a news release issued this morning, the #2 Real Estate search engine "Zillow" reports that the 30-Year mortgage rate remained steady for the week ending April 10th.

There is rich amount of financial data that will be released this week, which may have positive or negative effect on mortgage rates. Two reports last week moved them down and slightly up last week. What can happen to mortgage rates after three types of important data is released this week?

The volume of mortgage loan applications filed during the week ending April 3, 2009, increased by more than 4 percent last week, according to the Weekly Applications Survey from the Mortgage Bankers Association (MBA). In addition, the proportion of mortgage applications for home purchases compared to refinancing applications also grew.

Late yesterday Freddie Mac released the its Mortgage Market Survey® in which the 30-year fixed-rate mortgage averaged 4.87 percent for the week ending April 9, 2009, which was up slightly from last week where it had averaged 4.78 percent. The current weekly Freddie Mac mortgage rate average is still considerably lower than last year at this time when the 30-year fixed rate mortgage averaged 5.88 percent.

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Mortgage rates are on the move again and not in a positive direction. Due to better than expected earnings from Wells Fargo the Stock Market is rallying at the expense of mortgage bonds. Recently relaxed Mark to Market account rules may have played a role in Wells Fargo's surprisingly good earnings.

According to USA today, that tracks Obama Presidency says the President will meet a handful of homeowners who have already completed their mortgage refinance to learn about the benefits of the lower mortgage rates.

When conforming mortgages adjust, they're often tied to an interest rate index called LIBOR. LIBOR is an acronym for London Interbank Offered Rate. But what LIBOR stands for isn't as important as the role it plays.

Even if the Australian Reserve Bank, which meets today, cuts the interest rates a 25-basis-point and if the banks pass that cut on in full, the average mortgage repayment on a $350,000, 25-year mortgage will drop $46 a month, or $13,761 over the life of the loan. However, if the cut is 50 basis points, the average mortgage repayment on a $350,000 25-year mortgage will drop $91 a month, or $27,306 over the life of the loan.