mortgage

Interest Rate Roundup: April 2, 2009

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 1, 2009.

Mortgages

Rate: 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

 

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