Interest Rate Roundup

This week: Dec. 4 - Dec. 10


	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 Sept. 24, 2008.

Interest Rate Roundup

Mortgages

Rate: 6.32 percent (30-year fixed) Average points: 0.43

Mortgage rates shot up significantly this week.

The average 30-year fixed-rate climbed 16 basis points, to 6.32 percent. A basis point is one-hundredth of a percentage point.

The average 15-year fixed -- a popular option for refinancing -- soared 27 basis points, to 6.11 percent. The average jumbo 30-year fixed rose 22 basis points, to 7.58 percent.

The one-year adjustable-rate mortgage was one of only ones to drop. It fell 14 basis points, to 6.33 percent. The popular 5/1 ARM jumped 31 basis points, to 6.38 percent.

The higher rates took a toll on mortgage applications, which dipped substantially from the previous week, according to the Mortgage Bankers Association.

For the week ending Sept. 12, mortgage activity declined by a seasonally adjusted 10.6 percent. Refinancing activity was down 11.2 percent, while applications for new purchases fell 10 percent.

The decline came one week after mortgage application activity had soared more than 33 percent.

-- Chris Kissell

See mortgage rates in your area.

Bankrate.com's corrections policy

-- Posted: Sept. 25, 2008

		RESOURCES
		Experts predict where rates are headed
		Fed Outlook blog
		Graph rates for the past three months