Here's a look at the state of mortgage rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Feb. 17, 2010.
MortgagesRate: 5.11 percent (30-year fixed) Average points: 0.45
Mortgage rates fell after holding steady for two weeks.
The average 30-year fixed-rate mortgage slid 4 basis points, to 5.11 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 -- edged down 1 basis point, to 4.51 percent.
The average jumbo 30-year fixed remained unchanged at 5.95 percent.
Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage remained unchanged at 4.89 percent. Meanwhile, the popular 5/1 ARM slid 5 basis points, to 4.51 percent.
Mortgage applications fell a seasonally adjusted 2.1 percent when compared to a week earlier, according to the Mortgage Bankers Association. For the week ending Feb. 12, applications for new purchase fell 4 percent, while refinancing activity sank 1.2 percent.
In other mortgage-related news:
New home construction rose 2.8 percent in January when compared to a month earlier, according to the U.S. Commerce Department. Housing starts were also up 21.1 percent year over year.
The number of building permits issued during January fell 4.9 percent, but was still up 16.9 percent year over year.
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-- Chris Kissell