Here's a look at the state of mortgage interest rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Nov. 18, 2009.
MortgagesRate: 5.06 percent (30-year fixed); Average Points: 0.4
Mortgage rates fell to their lowest rate ever in the Bankrate weekly survey.
The average 30-year, fixed-rate mortgage fell 13 basis points, to 5.06 percent. A basis point is one-hundredth of a percentage point. This is the lowest-ever reading in the 24-year-old Bankrate survey. The previous record was 5.13 percent in April.
Meanwhile, this week's average 15-year fixed-rate -- a popular option for refinancing -- also fell to a record low. It fell 13 basis points, to 4.48 percent.
The average jumbo 30-year fixed plunged 29 basis points, to 5.95 percent. The jumbo has fallen 45 basis points in two weeks.
Adjustable-rate mortgages were split this week. The one-year adjustable-rate mortgage edged upward 2 basis points, to 5.39 percent. Meanwhile, the popular 5/1 ARM remained unchanged at 4.58 percent, staying at its record low for the second week.
Mortgage applications fell a seasonally adjusted 2.5 percent when compared to a week earlier, according to the Mortgage Bankers Association.
For the week ending Nov. 13, applications for new purchase slipped 4.7 percent, the sixth consecutive week of declines. The mortgage purchase index is now at its lowest level since November 1997.
Meanwhile, refinancing activity slipped 1.4 percent.
In other mortgage-related news:
- New home construction dropped sharply in October, falling 10.6 percent when compared to September, to a seasonally adjusted rate of 529,000, according to the U.S. Commerce Department. Building permits also declined, falling 4 percent.
- U.S. foreclosure activity fell 3 percent in October, the third straight month of declines, according to online foreclosure marketer RealtyTrac. However, foreclosure filings were still up nearly 19 percent when compared to October 2008. Nevada continued to lead the nation in foreclosure activity, followed by California and Florida.
To find and compare mortgage rates in your area, visit Bankrate's interactive search tool.
See all Interest Rate Roundup stories.
-- Chris Kissell