Interest Rate Roundup

July 30 - Aug. 5


	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.

By Bankrate.com

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 9, 2008.

Interest Rate Roundup

Mortgages

Rate: 5.96 percent (30-year fixed) Average Points: 0.31

Mortgage rates slipped this week, with the 5/1 ARM continuing to fall.

The average 30-year fixed rate dropped 16 basis points, to 5.96 percent. A basis point is one-hundredth of a percentage point.

The average 15-year fixed -- a popular option for refinancing -- fell 14 basis points, to 5.56 percent. The average jumbo 30-year fixed slid 14 basis points, to 7.38 percent.

Adjustable-rate mortgages followed the trend. The one-year adjustable-rate mortgage was down 6 basis points, to 6.31 percent.

Meanwhile, the popular 5/1 ARM slipped 9 basis points, to 5.95 percent. The 5/1 ARM has now fallen 49 basis points in three weeks.

Mortgage application activity fell for the week ending April 4. Application volume fell a seasonally adjusted 5.4 percent, according to the Mortgage Bankers Association.

-- Chris Kissell

See mortgage rates in your area.

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-- Posted: April 10, 2008