Interest Rate Roundup
mortgage
Interest Rate Roundup for May 13, 2010

Here's a look at the state of mortgage rates from Bankrate.com's weekly national survey of large banks and thrifts conducted May 12, 2010.

Mortgages

Rate: 5.07 percent (30-year fixed) Average Points: 0.42

Mortgage rates tied their low for the year.

The average 30-year fixed-rate mortgage fell 5 basis points, to 5.07 percent. A basis point is one-hundredth of a percentage point. Rates were also at 5.07 in the March 17 survey.

Meanwhile, this week's average 15-year fixed-rate -- a popular option for refinancing -- fell 4 basis points, to 4.45 percent.

The average jumbo 30-year fixed dropped 9 basis points, to 5.85 percent.

Adjustable-rate mortgages split. The one-year adjustable-rate mortgage remained unchanged, at 4.91 percent. Meanwhile, the popular 5/1 ARM slipped 4 basis points, to 4.27 percent.

Mortgage applications rose a seasonally adjusted 3.9 percent when compared to a week earlier, according to the Mortgage Bankers Association. For the week ending May 7, applications for new purchase slipped 9.5 percent, but refinancing activity surged 14.8 percent.

See all interest rates content.

-- Chris Kissell

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