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 24, 2010.

Mortgages

Rate: 5.11 percent (30-year fixed) Average Points: 0.41

Mortgage rates rose after three straight weeks of declines.

The average 30-year fixed-rate mortgage rose 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 -- climbed 2 basis points, to 4.47 percent.

The average jumbo 30-year fixed edged down 1 basis point, to 5.87 percent.

Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage fell 1 basis point, to 4.83 percent. Meanwhile, the popular 5/1 ARM rose 3 basis points, to 4.49 percent.

Mortgage applications dropped a seasonally adjusted 4.2 percent when compared to a week earlier, according to the Mortgage Bankers Association. For the week ending March 19, applications for new purchase grew 2.7 percent, but refinancing activity sank 7.1 percent.

In other mortgage-related news, new home sales unexpectedly fell 2.2 percent in February to a record low, according to the U.S. Commerce Department. Sales were down 13 percent year over year.

Meanwhile, existing home sales fell for the third straight month, dropping 0.6 percent in February when compared to the previous month, according to the National Association of Realtors. However, sales were up 7 percent year over year.

See all interest rates content.

-- Chris Kissell

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