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.
MortgagesRate: 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.
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-- Chris Kissell