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.
MortgagesRate: 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.
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-- Chris Kissell