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 Feb. 24, 2010.

Mortgages

Rate: 5.15 percent (30-year fixed) Average points: 0.45

Mortgage rates rose modestly this week.

The average 30-year fixed-rate mortgage climbed 4 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 -- edged up 1 basis point, to 4.52 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 slipped 6 basis points, to 4.83 percent. Meanwhile, the popular 5/1 ARM crept up 2 basis points, to 4.53 percent.

Mortgage applications fell a seasonally adjusted 8.5 percent when compared to a week earlier, according to the Mortgage Bankers Association. For the week ending Feb. 19, applications for new purchases sank 7.3 percent, while refinancing activity tumbled 8.9 percent.

In other mortgage-related news:

U.S. home prices slid again in the fourth quarter of 2009, but the decline was less severe than it had been in previous quarters, according to the S&P/Case-Shiller National Home Price Index.

Prices fell 2.5 percent in the fourth quarter year over year, a big improvement over 2009 returns in the first quarter (down 19 percent), second quarter (down 14.7 percent) and third quarter (down 8.7 percent).

But home values actually increased 1.6 percent in the fourth quarter when compared to the third quarter. Values rose 0.2 percent in Las Vegas, the city's first price increase in more than three years.

New home sales plunged 11.2 percent in January when compared to a month earlier, according to the U.S. Commerce Department. Sales were also down 6.1 percent year over year.

See all interest rates content.

-- Chris Kissell

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