Here's a look at the state of mortgage rates from Bankrate.com's weekly national survey of large banks and thrifts conducted June 2, 2010.
MortgagesRate: 4.95 percent (30-year fixed) Average Points: 0.45
Mortgage rates rose off their record lows this week.
The average 30-year fixed-rate mortgage rose 3 basis points, to 4.95 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 2 basis points, to 4.36 percent.
The average jumbo 30-year fixed slipped 1 basis point, to 5.74 percent.
Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage rose 4 basis points, to 4.91 percent. Meanwhile, the popular 5/1 ARM fell 5 basis points, to 4.21 percent.
Mortgage applications edged up a seasonally adjusted 0.9 percent when compared to a week earlier, according to the Mortgage Bankers Association. For the week ending May 28, refinancing activity rose 2.4 percent. However, applications for new purchase fell 4.1 percent.
In other mortgage-related news, pending home sales rose for the third straight month according to the National Association of Realtors. The NAR Pending Home Sales Index was up 6 percent in April when compared to the previous month, and was up 22.4 percent year over year.
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-- Chris Kissell