Interest Rate Roundup
Interest Rate Roundup for May 20, 2010

Here's a look at the state of mortgage rates from's weekly national survey of large banks and thrifts conducted May 19, 2010.


Rate: 4.96 percent (30-year fixed) Average Points: 0.5

Mortgage rates hit a new record low in the Bankrate survey.

The average 30-year fixed-rate mortgage plunged 11 basis points, to 4.96 percent. A basis point is one-hundredth of a percentage point. The new rate is the lowest 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 -- also dropped 11 basis points, to 4.34 percent. That, too, is an all-time record low in the Bankrate survey.

The average jumbo 30-year fixed dropped 10 basis points, to 5.75 percent.

Adjustable-rate mortgages fell, as well. The one-year adjustable-rate mortgage edged down 2 basis points, to 4.89 percent. Meanwhile, the popular 5/1 ARM fell 13 basis points, to 4.14 percent. That's a record low since Bankrate began its 5/1 ARM survey in January 2005.

Mortgage applications slipped a seasonally adjusted 1.5 percent when compared to a week earlier, according to the Mortgage Bankers Association. For the week ending May 14, applications for new purchase plunged 27.1 percent, but refinancing activity jumped 14.5 percent.

In other mortgage-related news, housing starts rose 5.8 percent in April when compared to March. Starts were also up 40.9 percent year over year.

See all interest rates content.

-- Chris Kissell


Show Bankrate's community sharing policy
          Connect with us
Product Rate Change Last week
30 year fixed 4.29%  0.01 4.30%
15 year fixed 3.23%  0.06 3.29%
5/1 ARM 3.33%  0.12 3.45%
View Rates in your areaSearch

Timely market news and advice for consumers ready to buy, sell or invest in real estate. Delivered weekly.


Polyana da Costa

Borrowers get $2.5B from Citi

About $2.5 billion of Citi's $7 billion settlement will go to consumers  ... Read more

Partner Center

Connect with us