from bankrate.com - national interest rate news - 03/05/10
Mortgage rates were mixed this week. The average 30-year fixed-rate mortgage increasedl 3 basis points, to 5.00%. A basis point is one-hundredth of a percentage point. Meanwhile, this week's average 15-year fixed-rate mortgage -- a popular option for refinancing -- climbed 6 basis points, to 4.37 percent. The average jumbo 30-year fixed edged up 1 basis point, to 6.01%. Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage fell 11 basis points, to 5.28%. Meanwhile, the popular 5/1 ARM increased 5 basis points, to 3.93 percent. Mortgage applications edged up a seasonally adjusted 0.3% when compared to a week earlier, according to the Mortgage Bankers Association. For the week ending Dec. 11, refinancing activity increased 0.9 percent, while applications for new purchases fell 3.6 percent.
Sales of new homes fell 7.6 percent during December when compared to a month earlier, according to the U.S. Census Bureau. Sales were also down 8.6 percent year over year. Overall, new home sales fell 22.9 percent in 2009 when compared to 2008.
Existing home sales plunged 16.7 percent in December when compared to a month earlier, according to the National Association of Realtors. However, sales were up 15 percent year over year. Existing home sales rose 4.9 percent in 2009 when compared to 2008. It was the first annual sales gain since 2005
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