Mortgages
- 4.66% (30-year fixed)
- 0.42 (average points)
Here's a look at the state of mortgage rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Aug. 4, 2010.
Mortgage rates fell to another all-time record low in the Bankrate survey.
The average 30-year fixed-rate mortgage fell 5 basis points, to 4.66 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 third consecutive week that the survey has registered a record-low reading.
This week's average 15-year fixed-rate -- a popular option for refinancing -- fell 6 basis points, to a record-low 4.11 percent. It was the third straight week of record lows.
The average jumbo 30-year fixed dropped 9 basis points to a record-low 5.34 percent.
Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage held steady at 4.8 percent for the third consecutive week. Meanwhile, the popular 5/1 ARM tumbled 12 basis points, to 3.95 percent.
Mortgage applications increased a seasonally adjusted 1.3 percent when compared to a week earlier, according to the Mortgage Bankers Association.
Applications for purchase rose 1.5 percent, while refinance applications rose 1.3 percent.
In other mortgage news, pending home sales fell 2.6 percent in June when compared to a month earlier. Sales were also down 18.6 percent year over year. Pending home sales reflect mortgage contracts, not closings.
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-- Chris Kissell