Interest Rate Roundup

Here's a look at the state of interest rates on five common consumer banking products and the latest rates from's weekly national survey of large banks and thrifts conducted Oct. 14, 2009.


Rate: 5.32 percent (30-year fixed) Average Points: 0.34

Mortgage rates rose, breaking a six-week run of declines.

The average 30-year fixed-rate mortgage jumped 10 basis points, to 5.32 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 -- also rose 10 basis points, to 4.7 percent.

The average jumbo 30-year fixed edged up 1 basis point, to 6.52 percent.

Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage remained unchanged at 5.24 percent. Meanwhile, the popular 5/1 ARM rose 10 basis points, to 4.76 percent.

Mortgage applications sank a seasonally adjusted 1.8 percent when compared to a week earlier, according to the Mortgage Bankers Association.

For the week ending Oct. 9, applications for new purchase fell 5 percent. Refinancing activity edged down 0.1 percent.

The MBA also released a new forecast that predicts modest increases in home sales during 2010, with declines in refinancing as mortgage rates rise. The MBA predicts mortgage rates will increase to an average of 5.6 percent by the end of 2010.

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

-- Chris Kissell



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