Interest Rate Roundup for Aug. 12, 2010
Interest Rate Roundup
- 4.57% (30-year fixed)
- 0.48 (average points)
Mortgage rates fell to another all-time record low for the fourth straight week.
The average 30-year fixed-rate mortgage fell 9 basis points, to 4.57 percent. A basis point is one-hundredth of a percentage point. The rate is a new record low in the nearly 25-year history of the weekly Bankrate survey. This is the fourth consecutive week the survey has registered a record low reading.
This week's average 15-year fixed-rate -- a popular option for refinancing -- fell 5 basis points, to a record-low 4.06 percent.
The average jumbo 30-year fixed fell 7 basis points to a record-low 5.27 percent.
Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage held steady for the fourth straight week at 4.8 percent. Meanwhile, the popular 5/1 ARM fell 3 basis points, to a record-low 3.92 percent.
Mortgage applications increased a seasonally adjusted 0.6 percent when compared to a week earlier, according to the Mortgage Bankers Association. Applications for purchase rose 0.3 percent, while refinance applications rose 0.6 percent.
-- Chris Kissell