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. 23, 2009.

Mortgages

Rate: 5.36 percent (30-year fixed) Average Points: 0.39

The 30-year fixed-rate mortgage fell slightly this week.

The average 30-year fixed-rate mortgage slipped 2 basis points, to 5.36 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 -- rose 2 basis points, to 4.74 percent.

The average jumbo 30-year fixed rose 3 basis points, to 6.63 percent.

Adjustable-rate mortgages fell this week. The one-year adjustable-rate mortgage tumbled 14 basis points, to 5.12 percent. Meanwhile, the popular 5/1 ARM fell 9 basis points, to 4.8 percent.

Mortgage applications jumped a seasonally adjusted 12.8 percent when compared to a week earlier, according to the Mortgage Bankers Association.

For the week ending Sept. 18, applications for new purchase rose 5.6 percent. Refinancing activity soared 17.4 percent.

In other mortgage news, housing starts rose 1.5 percent in August when compared to July and are now at their highest level in nine months, according to the Commerce Department. Building permits also rose, climbing 2.7 percent.

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

-- Chris Kissell

 

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