Here's a look at the state of mortgage rates from Bankrate.com's weekly national survey of large banks and thrifts conducted June 9, 2010.
MortgagesRate: 4.88 percent (30-year fixed) Average Points: 0.5
Mortgage rates returned to record lows this week.
The average 30-year fixed-rate mortgage fell 7 basis points, to 4.88 percent. A basis point is one-hundredth of a percentage point. The new rate is the lowest in the nearly 25-year history of the weekly Bankrate survey.
Meanwhile, this week's average 15-year fixed-rate -- a popular option for refinancing – slipped 3 basis points, to 4.33 percent. That, too, is a Bankrate survey record low.
The average jumbo 30-year fixed fell 2 basis points, to 5.72 percent. That's the lowest rate since March 2004.
Adjustable-rate mortgages fell this week. The one-year adjustable-rate mortgage fell 4 basis points, to 4.87 percent. Meanwhile, the popular 5/1 ARM dropped 5 basis points, to 4.16 percent.
Mortgage applications plunged a seasonally adjusted 12.2 percent when compared to a week earlier, according to the Mortgage Bankers Association. Applications for new purchase sank 5.7 percent and are now down 35 percent over the past four weeks. Refinance applications fell sharply, down 14.3 percent.
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-- Chris Kissell