Here's a look at the state of mortgage rates from Bankrate.com's weekly national survey of large banks and thrifts conducted May 5, 2010.
MortgagesRate: 5.12 percent (30-year fixed) Average Points: 0.47
Mortgage rates fell to their lowest point in six weeks.
The average 30-year fixed-rate mortgage sank 9 basis points, to 5.12 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 -- slipped 5 basis points, to 4.49 percent.
The average jumbo 30-year fixed rose 3 basis points, to 5.94 percent.
Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage rose 2 basis points, to 4.91 percent. Meanwhile, the popular 5/1 ARM fell 6 basis points, to 4.31 percent.
Mortgage applications rose a seasonally adjusted 4 percent when compared to a week earlier, according to the Mortgage Bankers Association. For the week ending April 16, applications for new purchase jumped 13 percent, while refinancing activity slipped 2.1 percent.
In other mortgage-related news, pending home sales rose 5.3 percent in March when compared to February, according to the National Association of Realtors. Pending sales were up 21.1 percent year over year.
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-- Chris Kissell