mortgage

Interest Rate Roundup

Here's a look at the state of interest rates on five common consumer banking products and the latest rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Sept. 9, 2009.

Mortgages

Rate: 5.4 percent (30-year fixed) Average Points: 0.34

Mortgages rates mostly remained in a tight range this week.

The average 30-year fixed-rate mortgage ticked down 1 basis point, to 5.4 percent. A basis point is one-hundredth of a percentage point.

Meanwhile, this week's average 15-year fixed-rate -- a popular option for refinancing -- edged up 1 basis point, to 4.75 percent.

The average jumbo 30-year fixed climbed 5 basis points, to 6.39 percent.

Adjustable-rate mortgages were split this week. The one-year adjustable-rate mortgage jumped 12 basis points, to 5.27 percent while the popular 5/1 ARM fell 5 basis points, to 4.89 percent.

Mortgage applications surged a seasonally adjusted 17 percent when compared to a week earlier, according to the Mortgage Bankers Association.

For the week ending Sept. 4, applications for new purchase rose 9.5 percent. Refinancing activity jumped 22.5 percent.

To find and compare mortgage rates in your area, visit Bankrate's interactive search tool.

-- Chris Kissell

 

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