Interest Rate Roundup
Interest Rate Roundup for May 6, 2010

Here's a look at the state of mortgage rates from's weekly national survey of large banks and thrifts conducted May 5, 2010.


Rate: 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.

See all interest rates content.

-- Chris Kissell


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