Interest Rate Roundup

This week: Sept. 4 - Sept. 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 Sept. 3, 2008.

Interest Rate Roundup

Mortgages

Rate: 6.55 percent (30-year fixed) Average Points: 0.41

Mortgage rates were mixed, with fixed rates falling for a third week in a row and adjustables rising for the second week in a row.

The average 30-year fixed-rate mortgage fell 5 basis points, to 6.55 percent. A basis point is one-hundredth of a percentage point.

The average 15-year fixed -- a popular option for refinancing -- fell 5 basis points, to 6.09 percent. The average jumbo 30-year fixed fell 9 basis points, to 7.52 percent.

The one-year adjustable-rate mortgage rose 15 basis points, to 6.43 percent. The popular 5/1 ARM rose 2 basis points, to 6.29 percent.

Mortgage applications rose for the week ending Aug. 29, according to the Mortgage Bankers Association. Application activity was up a seasonally adjusted 7.5 percent from a week earlier.

Refinancing activity increased by 2.1 percent, while applications for new purchases went up 10.5 percent.

-- Holden Lewis

See mortgage rates in your area.

Bankrate.com's corrections policy

-- Posted: Sept. 4, 2008

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