mortgage

Interest Rate Roundup for Sept. 16, 2010

Interest Rate Roundup
Mortgage rate graph

Mortgages

  • 4.54% (30-year fixed)
  • 0.37 (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 Sept. 15, 2010.

Mortgage rates fell back to near record lows this week.

The average 30-year fixed-rate mortgage slipped 4 basis points, to 4.54 percent. A basis point is one-hundredth of a percentage point. That's 1 basis point above the all-time Bankrate survey low.

This week's average 15-year fixed-rate -- a popular option for refinancing -- fell 6 basis points, to a record low 4 percent.

The average jumbo 30-year fixed dropped 4 basis points, to 5.19 percent.

Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage rose 4 basis points, to 4.88 percent. Meanwhile, the popular 5/1 ARM plunged 13 basis points, to a record low 3.78 percent.

Mortgage applications fell a seasonally adjusted 8.9 percent when compared to a week earlier, according to the Mortgage Bankers Association.

Applications for purchase slipped 0.4 percent, while refinance applications plunged 10.8 percent.

-- Chris Kissell

 

 

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