mortgage

Interest Rate Roundup for Sept. 30, 2010

Interest Rate Roundup
Mortgage rate graph

Mortgages

  • 4.5% (30-year fixed)
  • 0.36 (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. 29, 2010.

Mortgage rates remained at a record low for the second straight week.

The average 30-year fixed-rate mortgage remained unchanged at 4.5 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 -- fell 2 basis points, to a record-low 3.94 percent.

The average jumbo 30-year fixed slipped 1 basis point, to 5.16 percent, also a record low.

Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage remained unchanged at 4.86 percent. Meanwhile, the popular 5/1 ARM fell 3 basis points, to a record-low 3.68 percent.

Mortgage applications fell a seasonally adjusted 0.8 percent when compared to a week earlier, according to the Mortgage Bankers Association.

Applications for purchase increased 2.4 percent, while refinance applications slipped 1.6 percent.

In other mortgage news, home prices rose 0.6 percent in July compared to a month earlier, according to the S&P/Case-Shiller Home Price Index that measures 20 major metro areas across the country. Prices rose 3.2 percent year over year.

For the month, prices rose in 12 cities -- including San Diego, which has seen prices rise for 15 straight months. By contrast, prices fell in seven cities -- including Las Vegas, which has recorded price declines in 44 of the past 46 months.

Meanwhile, existing home sales rose 7.6 percent in August when compared to the previous month, according to the National Association of Realtors. Sales were down 19 percent year over year.

Finally, new home sales remained unchanged in August when compared to the previous month, according to the U.S. Commerce Department. Sales were down 28.9 percent year over year.

-- Chris Kissell

 

 

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