Interest Rate Roundup
mortgage
Interest Rate Roundup for May 6, 2010

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.

Mortgages

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

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
MORTGAGE & REAL ESTATE NEWSLETTER

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

Blog

Judy Martel

Bid for a home with $1,000

Detroit is auctioning off vacant homes for a song, but winning bidders should be prepared for sweat equity.  ... Read more

advertisement
Partner Center
advertisement

Connect with us