Fixed conforming 30 year mortgage rates hit a low of 4.44 percent with 0.7 mortgage points for the week ending August 12, 2010, down from last week when it averaged 4.49 percent.

Conforming fixed 15 year mortgage rates are at a record low of  3.92 percent with 0.6 mortgage points for the week ending August 12, 2010, a decline from last week’s average mortgage interest rate of 3.95 percent.

5 year Treasury indexed hybrid adjustable mortgage rates averaged 3.56 percent for the week ending August 12, 2010, down from the previous week’s average 3.63 percent. Average mortgage discount points were 0.7 points.

1 year Treasury indexed hybrid adjustable mortgage rates averaged 3.53 percent for the week ending August 12, 2010, down from the previous week’s average 3.56 percent. Average mortgage discount points on 1 year adjustable mortgage rates were 0.7 points.

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Discover Bank’s online savings account currently has a savings account rateof 1.34 percent with a savings account annual percentage yield of 1.35 percent. That savings rate is one of the highest savings account rates around and beats most 12 month certificate of deposit rates.

Discover Bank’s online savings account rate also is 5 times the national average savings rate (as reported by Informars) of 0.24 percent for account balances of at least $2,500.  The minimum opening Discover Bank online savings account deposit is $500.

Discover Bank’s online savings account earns interest daily. Interest is also compounded daily giving you a higher annual percentage yield. Interest is credited to the online savings account monthly.

Discover Bank’s online savings account is insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 until December 31, 2013. After that date FDIC insurance protection reverts back to $100,000 for all deposit accounts at all banks.

You’ll need to fulfill the following requirements and provide the appropriate information when filling out an online savings account application:

• You must be at least 18 years old
• Have a valid Social Security Number
• Have a valid US Address
• Provide an electronic signature

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Certificate of deposit terms for both types of CD accounts range between 3 months and 120 months. At this point in the ecomic cycle we do not recommend investing in certificates of deposit with terms longer than 12 months let alone a certificate of deposit term of 10 years.

Lock into a 10 year certificate of deposit when CD interest rates are high, just like rates were in the late 70’s and early 80’s. CD interest rates were in the double digits back in those days.

Discover Bank’s CD rates are the same for both regular CD rates and IRA CD rates as to August 4, 2010. Discover Bank’s current regular 12 month CD rates are at 1.49 percent with an annual percentage yield of 1.50 percent. 12 month IRA CD rates are also 1.49 percent with an APY of 1.50 percent.

Discover Bank CD Rates

• 3 Month CD Rates 0.65% APY 0.65%
• 6 Month CD Rates 1.14% APY 1.15%
• 9 Month CD Rates 1.14% APY 1.15%
• 12 Month CD Rates 1.49% APY 1.50%
• 18 Month CD Rates 1.59% APY 1.60%
• 24 Month CD Rates 1.88% APY 1.90%
• 30 Month CD Rates 2.03% APY 2.05%
• 3 Year Bank CD Rates 2.23% APY 2.25%
• 4 Year Bank CD Rates 2.42% APY 2.45%
• 5 Year Bank CD Rates 2.96% APY 3.00%
• 7 Year Bank CD Rates 3.20% APY 3.25%
• 10 Year Bank CD Rates 3.44% APY 3.50%

Bank CD interest rates might change at anytime. For a current list of CD interest rates at Discover Bank to to discoverbank.com.

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The Refinance Index increased 1.3 percent from the previous week. The seasonally adjusted Purchase Index increased 1.5 percent from one week earlier. 

The Market Composite Index, which measures home mortgage loan application volume, increased 1.3 percent on a seasonally adjusted basis from one week earlier.

The average contract mortgage rate on 15 year mortgages are at record lows for week ending July 30, 2010. The current average contract 15 year mortgage rate hit a low of 4.03 percent, down from the previous week’s average 15 year mortgage rate of 4.12 percent. The average mortgage points on 15 year home loans increased to 1.01 points, up from the prior week’s average of 0.8 points.

In the Mortgage Application Survey, the average contract 30 year mortgage rate is down to 4.60 percent for the week ending July 30, 2010, a decrease from the previous week’s average 30 year mortgage rate of 4.69 percent. 

Mortgage discount points on 30 year mortgages increased for the week ending July 30, 2010. The average points increased to 0.93 points, up from the previous week’s average of 0.88 points.

The average 1 year adjustable contract mortgage rate was also lower for the week ending July 30, 2010. The average contract mortgage rate on 1 year adjustable mortgages is down to 7.10 percent, a decline from the prior week’s average of 7.15 percent. Mortgage discount points averaged 0.21 points, a decrease from previous week’s average of 0.23 points

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Mortgage rates will probably stay at record lows levels for near future. Mortgage rates will probably even head lower if we head into a deflationary period.

The president of the Federal Reserve Bank of St. Louis, James Bullard, said on CNBC last week that the Federal Reserve should have a ”significant quantitative easing if deflationary expectations in the U.S. continue. ”

He also said ”when you get below a certain inflation rate you have to get off interest-rate targeting, adding that the Fed’s policy should turn more towards quantitative easing — a policy where central banks increase the money supply through other means than interest rates, such as buying government debt.

Primary Mortgage Market Survey

Fixed conforming 30 year mortgage interest rates are averaging 4.54 percent for the week ending July 29, 2010, a decline from last week’s average 30 year mortgage rate of 4.56 percent. Mortgage points on 30 year mortgages averaged 0.7 points, which was no change from the prior week’s average.

Fixed conforming 15 year mortgage interest rates are averaging 4.00 percent for the week ending July 29, 2010, a decline from the previous week’s average of 15 year mortgage rate of 4.03 percent. Mortgage discount points average 0.7 points.

5 year U.S. Treasury indexed adjustable mortgage rates are averaging 3.76 percent for the week ending July, 29, 2010, a decline from the prior week’s average 5 year adjustable mortgage rate of 3.79 percent. Discount points averaged 0.7 points, unchanged from the prior week

1 year adjustable mortgage interest rates are down to 3.64 percent for the week ending July 29, 2010, a decline from the previous week’s average 1 year adjustable mortgage rate of 3.70 percent.

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