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.

Mortgages

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