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. 25, 2009.
MortgagesRate: 5 percent (30-year fixed); Average Points: 0.44
Mortgage rates fell to a record low for the second consecutive week.
The average 30-year, fixed-rate mortgage fell 6 basis points, to 5 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 -- slipped 1 basis point, to a record low 4.47 percent.
The average jumbo 30-year fixed rose 8 basis points, to 6.03 percent.
Adjustable-rate mortgages also fell this week. The one-year adjustable-rate mortgage fell 2 basis points, to 5.37 percent. Meanwhile, the popular 5/1 ARM dropped 4 basis points, to 4.54 percent. It is the third straight week that the 5/1 ARM has fallen to a record low.
In other mortgage-related news:
- Sales of existing homes soared 10.1 percent in October, to a seasonally adjusted annual rate of 6.1 million units, according to the National Association of Realtors. Sales activity was up 23.5 percent year over year and was at its strongest pace since February 2007. Total housing inventory fell 3.7 percent in October to 3.57 million. That represents a seven-month supply, down from an eight-month supply in September.
- U.S. home prices rose 3.1 percent in the third quarter, the second consecutive quarterly increase, according to the S&P/Case-Shiller Home Price Index that measures 20 major metro areas across the country. Home prices actually fell 8.9 percent year over year.
Home prices also rose on a monthly basis, increasing 0.3 percent in September when compared to the previous month. Several cities have now recorded several consecutive months of price increases, including San Francisco and Washington, D.C. (six months); and Chicago, Minneapolis and San Diego (four months).
Las Vegas remains the most depressed market in the Case-Shiller survey, with prices having fallen for 37 consecutive months.
To find and compare mortgage rates in your area, visit Bankrate's interactive search tool.
-- Chris Kissell