mortgage
Interest Rate Roundup for June 17, 2010
Interest Rate Roundup
Mortgages
- 4.88% (30-year fixed)
- 0.48 (average points)
Record-low mortgage rates did not budge this week.The average 30-year fixed-rate mortgage remained unchanged, at 4.88 percent. A basis point is one-hundredth of a percentage point. The rate remains 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 -- edged down 1 basis point, to a new record low 4.32 percent.The average jumbo 30-year fixed fell 2 basis points, to 5.7 percent, and remains at its lowest level since March 2004.Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage remained unchanged at 4.87 percent. Meanwhile, the popular 5/1 ARM rose 3 basis points, to 4.19 percent.Mortgage applications jumped a seasonally adjusted 17.7 percent when compared to a week earlier, according to the Mortgage Bankers Association. Refinance applications rose sharply, up 17.7 percent. Applications for new purchase rose 7.3 percent.In other mortgage news:Housing starts fell 10 percent in May when compared to a month earlier, according to the U.S. Commerce Department. However, starts were up 7.8 percent year over year.U.S. foreclosure activity fell 3 percent in May when compared to a month earlier, according to RealtyTrac. Despite the drop, overall foreclosure activity surpassed 300,000 properties for the 15th straight month. One in every 400 U.S. housing units received a foreclosure filing during May.-- Chris Kissell