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 March 3, 2010.

Mortgages

Rate: 5.12 percent (30-year fixed) Average Points: 0.39

Mortgage rates fell slightly this week.

The average 30-year fixed-rate mortgage slipped 3 basis points, to 5.12 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 -- was down 6 basis points, to 4.46 percent.

The average jumbo 30-year fixed fell 3 basis points, to 5.92 percent.

Adjustable-rate mortgages fell this week. The one-year adjustable-rate mortgage edged down 2 basis points, to 4.81 percent. Meanwhile, the popular 5/1 ARM dropped 7 basis points, to 4.46 percent.

Mortgage applications jumped a seasonally adjusted 14.6 percent when compared to a week earlier, according to the Mortgage Bankers Association. For the week ending Feb. 26, applications for new purchase rose 9 percent, while refinancing activity surged 17.2 percent.

In other mortgage-related news, existing home sales fell 7.2 percent in January when compared to a month earlier, according to the National Association of Realtors. Sales were up 11.5 percent year over year.

See all interest rates content.

-- Chris Kissell

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