mortgage

Interest Rate Roundup for Sept. 2, 2010

Interest Rate Roundup
Mortgage rate graph

Mortgages

  • 4.53% (30-year fixed)
  • 0.42 (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. 1, 2010.

Mortgage rates fell to a new record low in the Bankrate survey.

The average 30-year fixed-rate mortgage fell 6 basis points, to 4.53 percent. A basis point is one-hundredth of a percentage point. That's a new record low in the nearly 25-year-old Bankrate survey.

This week's average 15-year fixed-rate -- a popular option for refinancing -- dipped 3 basis points, to 4.05 percent, also a Bankrate record low.

The average jumbo 30-year fixed fell 5 basis points to a Bankrate record-low 5.17 percent.

The one-year adjustable-rate mortgage rose 2 basis points, to 4.82 percent. Meanwhile, the popular 5/1 ARM edged up 1 basis point, to 3.86 percent.

Mortgage applications rose a seasonally adjusted 2.7 percent when compared to a week earlier, according to the Mortgage Bankers Association. It was the fifth consecutive week of increases in applications.

Applications for purchase rose 1.8 percent, while refinance applications increased 2.8 percent.

In other mortgage news, home prices rose 4.4 percent in the second quarter of 2010 compared to the first quarter and were up 3.6 percent year over year, according to the Case-Shiller National Home Price Index.

-- Chris Kissell

 

 

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