Here's a look at the state of mortgage rates from Bankrate.com's weekly national survey of large banks and thrifts conducted April 14, 2010.
MortgagesRate: 5.21 percent (30-year fixed) Average Points: 0.38
Mortgage rates plunged, breaking a three-week streak of increases.
The average 30-year fixed-rate mortgage fell 14 basis points, to 5.21 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 -- dropped 13 basis points, to 4.56 percent.
The average jumbo 30-year fixed fell a more modest 4 basis points, to 5.94 percent.
Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage jumped 17 basis points, to 4.91 percent. Meanwhile, the popular 5/1 ARM slid 7 basis points, to 4.48 percent.
Mortgage applications dropped sharply for the second straight week, falling a seasonally adjusted 9.6 percent when compared to a week earlier, according to the Mortgage Bankers Association. For the week ending April 9, applications for new purchase dropped 10.5 percent, while refinancing activity sank 9 percent.
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-- Chris Kissell