mortgage

Interest Rate Roundup for Oct. 21, 2010

Interest Rate Roundup
Mortgage rate graph

Mortgages

  • 4.42% (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. 20, 2010.

Mortgage rates fell to a new all-time low in the Bankrate survey.

The average 30-year fixed-rate mortgage slid 5 basis points, to 4.42 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 3 basis points, to a record-low 3.82 percent. It was the sixth straight week that the 15-year fixed has fallen to a record low.

The average jumbo 30-year fixed edged down 2 basis points, to 5.08 percent. This marks the fifth consecutive week the jumbo has fallen to a record low.

Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage rose 2 basis points, to 4.78 percent. Meanwhile, the popular 5/1 ARM slipped 2 basis points, to a record-low 3.6 percent. It was the sixth straight week that the 5/1 ARM has fallen to a record low.

Mortgage applications fell a seasonally adjusted 10.5 percent when compared to a week earlier, according to the Mortgage Bankers Association. Applications for purchase slumped 11.2 percent, and refinance applications fell 6.7 percent.

In other mortgage news, housing starts rose 0.3 percent in September when compared to a month earlier, according to the U.S. Commerce Department. Starts were also up 4.1 percent year over year.

By contrast, building permits fell 5.6 percent in September and were down 10.9 percent year over year.

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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