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 Nov. 4, 2009.

Mortgages

Rate: 5.35 percent (30-year fixed) Average Points: 0.31

Mortgage rates remained unchanged this week.

The average 30-year fixed-rate mortgage was 5.35 percent for the second straight week. A basis point is one-hundredth of a percentage point.

Meanwhile, this week's average 15-year fixed-rate -- a popular option for refinancing -- dipped 2 basis points, to 4.72 percent.

The average jumbo 30-year fixed jumped 10 basis points, to 6.5 percent.

Adjustable-rate mortgages barely budged this week. The one-year adjustable-rate mortgage edged down 1 basis point, to 5.27 percent. Meanwhile, the popular 5/1 ARM remained unchanged, at 4.64 percent.

Mortgage applications rose a seasonally adjusted 8.2 percent when compared to a week earlier, according to the Mortgage Bankers Association.

For the week ending Oct. 30, refinancing activity jumped 14.5 percent. However, applications for new purchase fell 1.8 percent, the fourth straight week of declines.

In other mortgage-related news: Pending home sales increased for the eighth straight month in September, rising 6.1 percent when compared to August, according to the National Association of Realtors. The index is now at 110.1, the highest level since December 2006. The NAR attributed the spike to first-time homebuyers rushing to close on new purchases before the scheduled Nov. 30 expiration of an $8,000 tax credit.

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

-- Chris Kissell

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