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 April 21, 2010.

Mortgages

Rate: 5.22 percent (30-year fixed) Average Points: 0.42

Mortgage rates edged higher this week.

The average 30-year fixed-rate mortgage rose 1 basis point, to 5.22 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 1 basis point, to 4.55 percent.

The average jumbo 30-year fixed fell 3 basis points, to 5.91 percent.

Adjustable-rate mortgages fell this week. The one-year adjustable-rate mortgage dropped 5 basis points, to 4.86 percent. Meanwhile, the popular 5/1 ARM sank 6 basis points, to 4.42 percent.

Mortgage applications jumped a seasonally adjusted 13.6 percent when compared to a week earlier, according to the Mortgage Bankers Association. For the week ending April 16, applications for new purchase rose 10.1 percent, while refinancing activity grew 15.8 percent.

In other mortgage-related news:

Housing starts rose 1.6 percent in March when compared to February, according to the U.S. Commerce Department. Starts were up 20.2 percent year over year. Building permits increased by 7.5 percent month over month and soared 34.1 percent year over year.

Foreclosure activity jumped during the first quarter of 2010, according to online foreclosure marketer RealtyTrac. Foreclosure filings -- including default notices, scheduled auctions and bank repossessions -- rose 7 percent from the fourth quarter of 2009, and were up 16 percent year over year.

For the 13th consecutive quarter, Nevada had the highest foreclosure rate. It was followed by Arizona, Florida, California and Utah.

See all interest rates content.

-- Chris Kissell

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