Interest Rate Roundup
mortgage
Interest Rate Roundup

Here's a look at the state of mortgage rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Dec. 30, 2009.

Mortgages

Rate: 5.33 percent (30-year fixed) Average points: 0.46

Mortgage rates rose for the fifth straight week.

The average 30-year fixed-rate mortgage jumped 9 basis points, to 5.33 percent. A basis point is one-hundredth of a percentage point. Rates have increased 33 basis points since Nov. 25.

Meanwhile, this week's average 15-year fixed-rate -- a popular option for refinancing -- soared 11 basis points, to 4.73 percent.

The average jumbo 30-year fixed edged downward 1 basis point, to 6.15 percent.

The one-year adjustable-rate mortgage remained unchanged at 5.1 percent while the popular 5/1 ARM rose 7 basis points, to 4.77 percent.

Due to the holidays, the Mortgage Bankers Association did not release its weekly mortgage application report.

In other mortgage-related news, home prices went nowhere in October, remaining flat when compared to a month earlier, according to the S&P/Case-Shiller Home Price Index that measures 20 major metro housing markets across the country. Prices fell 7.3 percent year over year.

Some formerly sinking markets continued to show improvement in October. San Francisco has recorded seven straight months of price increases. Other markets on the upswing include San Diego (six consecutive months of gains), and Los Angeles and Phoenix (five months of gains each).

Meanwhile, other markets remain mired in a deep slump. Prices in Las Vegas have now fallen for 38 straight months and are down 55.4 percent from their peak.

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

See all interest rates content.

-- Chris Kissell

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