Mortgages
- 4.77% (30-year fixed)
- 0.41 (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 July 14, 2010.
Mortgage rates rose slightly off record lows this week.
The average 30-year fixed-rate mortgage rose 3 basis points, to 4.77 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 up 1 basis point, to 4.23 percent.
The average jumbo 30-year fixed rose 2 basis points, to 5.5 percent.
Adjustable-rate mortgages rose this week. The one-year adjustable-rate mortgage climbed 2 basis points, to 4.81 percent. Meanwhile, the popular 5/1 ARM jumped 6 basis points, to 4.12 percent.
Mortgage applications fell a seasonally adjusted 2.9 percent when compared to a week earlier, according to the Mortgage Bankers Association.
Applications for new purchase fell 3.1 percent and were down 43 percent year over year. They are now at their lowest levels since December 1996. Meanwhile, refinance applications slid 2.9 percent.
This week's numbers included an adjustment for the July Fourth holiday.
-- Chris Kissell