Interest Rate Roundup
mortgage
Interest Rate Roundup for June 3, 2010

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.

Mortgages

Rate: 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.

See all interest rates content.

-- Chris Kissell

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