Interest Rate Roundup

This week: Dec. 4 - Dec. 10


	Each week, Bankrate takes a look at the state of interest rates on five banking

	products from Bankrate.com's weekly national survey of large banks and thrifts.

By Bankrate.com

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 Oct. 1, 2008.

Interest Rate Roundup

Mortgages

Rate: 6.41 percent (30-year fixed) Average points: 0.42

Mortgage rates rose once again this week, with one notable exception.

The average 30-year fixed-rate increased 9 basis points, to 6.41 percent. A basis point is one-hundredth of a percentage point. It is the third straight week that mortgage rates have increased.

The average 15-year fixed -- a popular option for refinancing -- moved up 3 basis points, to 6.14 percent. The average jumbo 30-year fixed rose 7 basis points, to 7.65 percent.

Meanwhile, the one-year adjustable-rate mortgage broke the trend by falling 29 basis points, to 6.04 percent. The popular 5/1 ARM increased 11 basis points, to 6.49 percent.

Mortgage activity was down sharply for the second straight week, according to the Mortgage Bankers Association.

For the week ending Sept. 26, mortgage activity declined by a seasonally adjusted 23 percent. Refinancing activity plunged 34.7 percent, while applications for new purchases fell 10.9 percent.

-- Chris Kissell

See mortgage rates in your area.

Bankrate.com's corrections policy

-- Posted: Oct. 2, 2008

		RESOURCES
		Experts predict where rates are headed
		Fed Outlook blog
		Graph rates for the past three months