Posted by: Roby Robertson | November 10, 2009

Lake Norman – Your Weekly Mortgage Rate Update

Here’s a look at the state of interest rates on five common consumer banking products and the latest rates from Bankrate.com’s weekly national survey of large banks and thrifts conducted Nov. 10, 2009.

Mortgages
Rate: 5.19 percent (30-year fixed) Average Points: 0.38

Thirty-year fixed-rate mortgages plunged to their lowest levels since spring while the jumbo rate fell to a multiyear low.

The average 30-year, fixed-rate mortgage slid 16 basis points, to 5.19 percent. A basis point is one-hundredth of a percentage point. Rates are now at their lowest point since mid-April. The all-time record low in the 24-year-old Bankrate survey is 5.13 percent, which occurred April 1.

Meanwhile, this week’s average 15-year fixed-rate — a popular option for refinancing — fell 11 basis points, to 4.61 percent.

The average jumbo, 30-year fixed plunged 26 basis points, to 6.24 percent. The jumbo is now at its lowest level since October 2005.

Adjustable-rate mortgages were split this week. The one-year adjustable-rate mortgage jumped 10 basis points, to 5.37 percent. Meanwhile, the popular 5/1 ARM dipped 6 basis points, to 4.58 percent.

Information courtesy of Bill Kearney with Suntrust Bank.

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