mortgage

Interest Rate Roundup for Sept. 23, 2010

Interest Rate Roundup
Mortgage rate graph

Mortgages

  • 4.5% (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 Sept. 22, 2010.

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

The average 30-year fixed-rate mortgage slid 4 basis points, to an all-time low 4.5 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 4 basis points, to a record low 3.96 percent.

The average jumbo 30-year fixed slid 2 basis points, to 5.17 percent, also a record low.

Adjustable-rate mortgages fell this week. The one-year adjustable-rate mortgage fell 2 basis points, to 4.86 percent. Meanwhile, the popular 5/1 ARM slid 7 basis points, to a record-low 3.71 percent.

Mortgage applications fell a seasonally adjusted 1.4 percent when compared to a week earlier, according to the Mortgage Bankers Association.

Applications for purchase fell 3.3 percent, while refinance applications slipped 0.9 percent.

In other mortgage news, housing starts rose 10.5 percent in August when compared to the previous month, according to the U.S. Commerce Department. Housing starts were up 2.2 percent year over year.

Building permits also rose in August, increasing 1.8 percent compared to July. However, permits were down 6.7 percent year over year.

-- Chris Kissell

 

 

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