MortgagesRate: 5.13 percent (30-year fixed) Average Points: 0.46
The average 30-year fixed-rate dropped 6 basis points, to 5.13 percent. A basis point is one-hundredth of a percentage point. This is the second consecutive week that mortgage rates have sunk to a record low in the almost 24-year-old Bankrate survey.
This week's average 15-year fixed-rate -- a popular option for refinancing -- slid 7 basis points, to 4.73 percent.
The average jumbo 30-year fixed rose 2 basis points, to 6.68 percent.
Adjustable-rate mortgages were split this week. The one-year adjustable-rate mortgage fell 9 basis points, to 5.21 percent. The popular 5/1 ARM rose 2 basis points, to 5.23 percent.
Mortgage application activity increased slightly for the week ending March 27. Applications rose by a seasonally-adjusted 3 percent compared to one week earlier, according to the Mortgage Bankers Association.
Refinancing was up 3.7 percent while applications for new purchases rose by 0.1 percent.
In other mortgage news:
- Nationwide, January home prices fell by a record 19 percent year over year, according to the Case-Shiller National Home Price Index.
- Pending home sales for February rose 2.1 percent, according the National Association of Realtors.
To find and compare mortgage rates in your area, visit Bankrate's interactive search tool.
-- Chris Kissell