mortgage

Interest Rate Roundup for Oct. 7, 2010

Interest Rate Roundup
Mortgage rate graph

Mortgages

  • 4.45% (30-year fixed)
  • 0.32 (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. 6, 2010.

Mortgage rates fell to a new record low this week.

The average 30-year fixed-rate mortgage fell 5 basis points, to 4.45 percent, an all-time low in the Bankrate survey. A basis point is one-hundredth of a percentage point.

This week's average 15-year fixed-rate -- a popular option for refinancing -- dropped 7 basis points, to a record-low 3.87 percent.

The average jumbo 30-year fixed edged down 2 basis points, to 5.14 percent, also a record low.

Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage rose 2 basis points, to 4.88 percent. Meanwhile, the popular 5/1 ARM dropped 4 basis points, to a record-low 3.64 percent.

Mortgage applications declined a seasonally adjusted 0.2 percent when compared to a week earlier, according to the Mortgage Bankers Association.

Applications for purchase jumped 9.3 percent, while refinance applications fell 2.5 percent.

In other mortgage news, pending home sales rose for the second consecutive month in August. Sales were up 4.3 percent when compared to the previous month, but remained 20.1 percent lower year over year.

-- Chris Kissell

 

 

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