mortgage

Interest Rate Roundup for July 29, 2010

Interest Rate Roundup
Mortgage rate graph

Mortgages

  • 4.71% (30-year fixed)
  • 0.44 (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 28, 2010.

Mortgage rates sank to a new record low this week.

The average 30-year fixed-rate mortgage fell 3 basis points, to 4.71 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 week's average 15-year fixed-rate -- a popular option for refinancing -- slipped 1 basis point, to a record-low 4.17 percent. The average jumbo 30-year fixed was unchanged at a record-low 5.43 percent.

Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage remained unchanged at 4.8 percent. Meanwhile, the popular 5/1 ARM edged up 1 basis point, to 4.07 percent.

Mortgage applications fell a seasonally adjusted 4.4 percent when compared to a week earlier, according to the Mortgage Bankers Association.

Applications for new purchase rose 2 percent and now have recorded back-to-back weekly gains for the first time since late April/early May. Refinance applications fell 5.9 percent.

In other mortgage news: Home prices rose 1.3 percent in May when compared to a month earlier, according to the S&P/Case-Shiller Home Price Index that measures 20 major metro areas across the country. Prices were up 4.6 percent year over year.

Of the 20 metros surveyed, only Las Vegas recorded a decline in home values during May.

New-home sales jumped 23.6 percent in June when compared to May, according to the U.S. Commerce Department. However, sales were down 16.7 percent year over year.

Existing-home sales fell 5.1 percent in June when compared to May, according to the National Association of Realtors. However, sales were actually up 9.8 percent year over year.

-- Chris Kissell

 

 

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