Here's a look at the state of mortgage rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Jan. 20, 2010.
MortgagesRate: 5.15 percent (30-year fixed) Average Points: 0.45
Mortgage rates fell for the third consecutive week.
The average 30-year fixed-rate mortgage slid 8 basis points, to 5.15 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 – dropped 6 basis points, to 4.56 percent.
The average jumbo 30-year fixed fell 4 basis points, to 5.93 percent.
Adjustable-rate mortgages also declined. The one-year adjustable-rate mortgage edged down 2 basis points, to 4.92 percent. Meanwhile, the popular 5/1 ARM sank 5 basis points, to 4.63 percent.
Mortgage applications rose a seasonally adjusted 9.1 percent when compared to a week earlier, according to the Mortgage Bankers Association. For the week ending Jan. 15, refinancing activity surged 10.7 percent, while applications for new purchase increased 4.4 percent.
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-- Chris Kissell