Here's a look at the state of mortgage rates from Bankrate.com's weekly national survey of large banks and thrifts conducted May 26, 2010.
MortgagesRate: 4.92 percent (30-year fixed) Average Points: 0.42
Mortgage rates fell to a record low for the second straight week in the Bankrate survey.
The average 30-year fixed-rate mortgage slid 4 basis points, to 4.92 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, eclipsing the previous record set last week.
Meanwhile, this week's average 15-year fixed-rate -- a popular option for refinancing -- remained unchanged, at a Bankrate survey record-low 4.34 percent.
The average jumbo 30-year fixed remained unchanged, at 5.75 percent.
Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage dipped 2 basis points, to 4.87 percent. Meanwhile, the popular 5/1 ARM jumped 12 basis points, to 4.26 percent.
Mortgage applications jumped a seasonally adjusted 11.3 percent when compared to a week earlier, according to the Mortgage Bankers Association. However, it was a tale of two mortgage markets.
For the week ending May 21, refinancing activity soared 17 percent. However, applications for new purchase decreased 3.3 percent and are now at their lowest levels since April 1997.
In other mortgage-related news:
Home prices fell 3.2 percent in the first quarter when compared to the fourth quarter of 2009, according to the S&P/Case-Shiller Home Price Index that measures 20 major metro areas across the country. Prices increased 2 percent year over year.
Prices fell 0.5 percent in March when compared to February. Nationally, home prices are now at the same level they were in spring 2003.
New home sales jumped 14.8 percent in April when compared to March, according to the U.S. Commerce Department. Sales were up 47.8 percent year over year.
Existing home sales rose 7.6 percent in April when compared to March, according to the National Association of Realtors. Sales were up 22.8 percent year over year.
-- Chris Kissell