Here's a look at the state of mortgage rates from Bankrate.com's weekly national survey of large banks and thrifts conducted April 28, 2010.
MortgagesRate: 5.21 percent (30-year fixed) Average Points: 0.45
Mortgage rates remained stuck in a tight range for the third straight week.
The average 30-year fixed-rate mortgage slipped 1 basis point, to 5.21 percent. A basis point is one-hundredth of a percentage point.
Meanwhile, this week's average 15-year fixed rate -- a popular option for refinancing -- edged down 1 basis point, to 4.54 percent.
The average jumbo 30-year fixed remained unchanged at 5.91 percent.
Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage rose 3 basis points, to 4.89 percent. Meanwhile, the popular 5/1 ARM fell 5 basis points, to 4.37 percent.
Mortgage applications fell a seasonally adjusted 2.9 percent when compared to a week earlier, according to the Mortgage Bankers Association. For the week ending April 16, applications for new purchase rose 7.4 percent, while refinancing activity sank 8.8 percent.
In other mortgage-related news:
Home prices nationwide recorded a modest 0.6 percent year-over-year gain in February, according to the S&P/Case-Shiller Home Price Index that measures 20 major metro areas across the country. It was the first such increase since December 2006. However, prices actually fell 0.9 percent when compared to January.
New home sales skyrocketed in March, jumping 26.9 percent when compared to February, according to the U.S. Commerce Department. Sales were also up 23.8 percent year over year.
Existing home sales also increased, rising 6.8 percent in March when compared to February, according to the National Association of Realtors. Sales were up 16.1 percent year over year.
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-- Chris Kissell