Interest Rate Roundup

Weekly 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 Oct. 8, 2008.

Mortgages

Rate: 6.2 percent (30-year fixed) Average Points: 0.40

Mortgage rates fell sharply across the board this week.

The average 30-year fixed-rate fell 21 basis points, to 6.2 percent. A basis point is one-hundredth of a percentage point.

The average 15-year fixed -- a popular option for refinancing -- slid 19 basis points, to 5.95 percent. The average jumbo 30-year fixed ticked down a more modest 4 basis points, to 7.61 percent.

Meanwhile, the one-year adjustable-rate mortgage fell 15 basis points, to 5.89 percent. The popular 5/1 ARM plunged 28 basis points, to 6.21 percent.

Mortgage activity was up slightly from the previous week, according to the Mortgage Bankers Association.

For the week ending Oct. 3, mortgage activity rose a seasonally adjusted 2.2 percent. Refinancing activity was up 0.9 percent, while applications for new purchases grew by 3.2 percent.

The increase in mortgage activity followed two consecutive weeks of sharp declines.

-- Chris Kissell