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 31, 2010.

Mortgages

Rate: 5.23 percent (30-year fixed) Average Points: 0.4

Mortgage rates surged this week.

The average 30-year fixed-rate mortgage jumped 12 basis points, to 5.23 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 -- rose 6 basis points, to 4.53 percent.

The average jumbo 30-year fixed climbed 5 basis points, to 5.92 percent.

Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage sank 9 basis points, to 4.74 percent. Meanwhile, the popular 5/1 ARM edged up 2 basis points, to 4.51 percent.

Mortgage applications rose a seasonally adjusted 1.3 percent when compared to a week earlier, according to the Mortgage Bankers Association. For the week ending March 26, applications for new purchase spiked 6.8 percent, while refinancing activity fell 1.3 percent.

In other mortgage-related news, U.S. home prices fell for the fourth consecutive month, in January, sliding 0.4 percent when compared to a month earlier, according to the S&P/Case-Shiller Home Price Index. The index measures 20 of the nation's biggest housing markets.

Prices fell 0.7 percent year over year. Prices across the United States are now at levels similar to where they were in autumn 2003.

See all interest rates content.

-- Chris Kissell

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
MORTGAGE & REAL ESTATE NEWSLETTER

Timely market news and advice for consumers ready to buy, sell or invest in real estate. Delivered weekly.

Blog

Holden Lewis

What are HUD’s priorities?

The new housing secretary has delivered his first major speech since taking office, and he doesn't give us much of a reason to feel optimistic. He wants to do a lot of things, but what's his top priority? He doesn't say. Julián Castro, former mayor of San Antonio, has been the secretary of Housing and  ... Read more

advertisement
Partner Center
advertisement

Connect with us