Interest Rate Roundup for Aug. 25, 2011

Interest Rate Roundup
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  • 4.41% (30-year fixed)
  • 0.43 (average points)

Mortgage rates were mixed this week amid more bad economic news that helped the rate on the most popular type of mortgage set a record low.

The 30-year fixed-rate mortgage fell 4 basis points to 4.41 percent. A basis point is one-hundredth of 1 percentage point. This is the lowest level that the fixed 30-year rate has reached since Bankrate started the weekly mortgage survey in September 1985.

The 15-year fixed-rate rose 5 basis points to 3.63 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, was 4.94 percent, up 5 basis points from last week.

The 5/1 ARM fell 3 basis points to 3.12 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.

The volume of mortgage applications declined 2.4 percent last week from one week earlier, according to the Mortgage Bankers Association weekly survey. Refinancing accounted for 79.8 percent of all mortgage applications last week.




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