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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. 
 
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 July 8, 2009.

Interest Rate Roundup
Mortgages
Rate: 5.59 percent (30-year fixed) Average Points: 0.4

Mortgage rates tumbled to their lowest levels since late May.

The average 30-year fixed rate fell 11 basis points, to 5.59 percent. A basis point is one-hundredth of a percentage point.

This week's average 15-year fixed rate -- a popular option for refinancing -- plunged 14 basis points, to 4.93 percent.

The average jumbo, 30-year fixed slid 5 basis points, to 6.86 percent.

Adjustable-rate mortgages were split. The one-year adjustable-rate mortgage edged up 1 basis point, to 5.18 percent. The popular 5/1 ARM sank 12 basis points, to 5.05 percent.

Mortgage application activity rose a seasonally adjusted 10.9 percent when compared to a week earlier, according to the Mortgage Bankers Association.

For the week ending July 3, applications for new purchase increased 6.7 percent. Refinancing activity jumped 15.2 percent. The numbers included an adjustment for the Fourth of July holiday, according to the MBA.

To find and compare mortgage rates in your area, visit Bankrate's interactive search tool.

-- Chris Kissell

Bankrate.com's corrections policy
-- Posted: July 9, 2009
 
 
 
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Compare Rates
NATIONAL OVERNIGHT AVERAGES
30 yr fixed mtg 4.45%
48 month new car loan 3.77%
1 yr CD 0.89%
Rates may include points
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* Mortgage rate may include points. See rate tables for details. Click here.
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