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.
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