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Interest Rate Roundup   This week: May 8 - May 14
  Each week, Bankrate takes a look at the state of interest rates on five banking
  products from Bankrate.com's weekly national survey of large banks and thrifts. 
 
Interest Rate Roundup

Here's a look at the state of interest rates on five common consumer banking products and the latest rates from Bankrate.com's weekly national survey of large banks and thrifts conducted April 23, 2008.

Interest Rate Roundup
Mortgages

Rate: 6.11 percent (30-year fixed) Average points: 0.43

Mortgage rates were up modestly across the board this week.

The average 30-year fixed-rate mortgage rose 8 basis points, to 6.11 percent. A basis point is one-hundredth of a percentage point.

The average 15-year fixed -- a popular option for refinancing -- ticked up 5 basis points, to 5.7 percent. The average jumbo 30-year fixed moved up 2 basis points, to 7.34 percent.

Adjustable-rate mortgages also moved higher. The one-year adjustable-rate mortgage increased 10 basis points, to 6.55 percent.

The popular 5/1 ARM -- which had dropped dramatically over the past month -- reversed course and moved 7 basis points higher, to 5.92 percent.

Meanwhile, the Mortgage Bankers Association reported that mortgage application levels fell sharply for the week ending April 18. Activity sank a seasonally adjusted 14.2 percent from a week earlier.

Refinancing was down 20.2 percent while applications for purchase fell 6.4 percent.

-- Chris Kissell

 See mortgage rates in your area.

Bankrate.com's corrections policy
-- Posted: April 24, 2008
 
 
 
 RESOURCES
Experts predict where rates are headed
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Graph rates for the past three months
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Checking and Savings
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NATIONAL OVERNIGHT AVERAGES
Interest checking 1.66%
MMA 2.35%
$10K MMA 2.54%
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