Mortgage rates were mixed this week, with the 5/1 ARM continuing to fall rapidly.

The average 30-year fixed rate rose 7 basis points, to 6.03 percent. A basis point is one-hundredth of a percentage point.

The average 15-year fixed -- a popular option for refinancing -- moved up 9 basis points, to 5.65 percent. The average jumbo 30-year fixed slipped 6 basis points, to 7.32 percent.

Adjustable-rate mortgages headed in opposite directions this week. The one-year adjustable-rate mortgage jumped 14 basis points, to 6.45 percent.

Meanwhile, the popular 5/1 ARM slid 10 basis points, to 5.85 percent. The 5/1 ARM has now plunged 59 basis points in a month.

Mortgage application activity rose modestly for the week ending April 11. Application volume increased a seasonally adjusted 2.5 percent, according to the Mortgage Bankers Association.

Refinancing activity rose 5.2 percent from the previous week, while applications for new purchases declined 0.8 percent.

-- Chris Kissell

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