mortgage

Interest Rate Roundup for Oct. 14, 2010

Interest Rate Roundup
Mortgage rate graph

Mortgages

  • 4.47% (30-year fixed)
  • 0.35 (average points)

Here's a look at the state of mortgage rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Oct. 13, 2010.

Mortgage rates headed in different directions this week, with one key benchmark edging higher while other benchmarks dropped to new record lows.

The average 30-year fixed-rate mortgage rose 2 basis points, to 4.47 percent. A basis point is one-hundredth of a percentage point.

This week's average 15-year fixed-rate -- a popular option for refinancing -- fell 2 basis points, to 3.85 percent, a record low.

The average jumbo 30-year fixed slid 4 basis points, to 5.1 percent, a record low.

Adjustable-rate mortgages fell this week. The one-year adjustable-rate mortgage plunged 12 basis points, to 4.76 percent. Meanwhile, the popular 5/1 ARM shed 2 basis points, to a record-low 3.62 percent.

Mortgage applications jumped a seasonally adjusted 14.6 percent when compared to a week earlier, according to the Mortgage Bankers Association.

Applications for purchase fell 8.5 percent, but refinance applications soared 21 percent.

Find out monthly mortgage payments using Bankrate's mortgage calculator.

-- Chris Kissell

 

 

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