Mortgages
- 4.81% (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 June 23, 2010.
The average 30-year fixed-rate mortgage sank 7 basis points, to 4.81 percent. A basis point is one-hundredth of a percentage point. The rate marks a new low 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 -- fell 6 basis points, to 4.26 percent. That, too, is a Bankrate survey record low.
The average jumbo 30-year fixed dipped 7 basis points, to 5.63 percent. That's the lowest level since March 2004.
Adjustable-rate mortgages also fell this week. The one-year adjustable-rate mortgage edged down 2 points, to 4.85 percent. Meanwhile, the popular 5/1 ARM fell 6 basis points, to 4.13 percent.
Mortgage applications fell a seasonally adjusted 5.9 percent when compared to a week earlier, according to the Mortgage Bankers Association. Applications for new purchase slipped 1.2 percent, while refinance applications fell 7.3 percent.
In other mortgage news:
New home sales fell to a record low in May, plunging 32.7 percent when compared to April, according to the U.S. Commerce Department. Sales were down 53.2 percent in the West, 33.3 percent in the Northeast, 25.4 percent in the South and 23.9 percent in the Midwest.Existing home sales fell 2.2 percent in May when compared to April, according to the National Association of Realtors. Sales fell 18.3 percent in the Northeast and were flat in the Midwest. Sales actually rose 4.9 percent in the West and 0.5 percent in the South.
-- Chris Kissell