Here's a look at the state of mortgage rates from Bankrate.com's weekly national survey of large banks and thrifts conducted March 10, 2010.
MortgagesRate: 5.08 percent (30-year fixed) Average Points: 0.42
Mortgage rates fell to their lowest point of 2010, with the 15-year fixed-rate mortgage hitting a record low.
The average 30-year fixed-rate mortgage fell 4 basis points, to 5.08 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 -- slipped 3 basis points, to 4.43 percent. That's an all-time record low in the Bankrate survey.
The average jumbo 30-year fixed remained unchanged at 5.92 percent.
Adjustable-rate mortgages moved slightly higher this week. The one-year adjustable-rate mortgage rose 2 basis points, to 4.83 percent. Meanwhile, the popular 5/1 ARM edged up 1 basis point, to 4.47 percent.
Mortgage applications edged up a seasonally adjusted 0.5 percent when compared to a week earlier, according to the Mortgage Bankers Association. For the week ending March 5, applications for new purchase rose 5.7 percent, but remained 10.7 percent lower than one year ago. Meanwhile, refinancing activity slipped 1.5 percent.
In other mortgage-related news, pending home sales fell 7.6 percent in January when compared to the previous month, according to the National Association of Realtors. Sales were down across the board, sliding in the West (-13.2 percent), Midwest (-8.9 percent), Northeast (-8.7 percent) and South (-2.1 percent).
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-- Chris Kissell