Mortgages
- 4.45% (30-year fixed)
- 0.45 (average points)
Mortgage rates barely changed this week after they had tumbled for two consecutive weeks. Rates remain near record lows as investors worry about the threat of another global economic crisis.
The 30-year fixed-rate mortgage fell 1 basis point to 4.45 percent from 4.46 percent last week. A basis point is one-hundredth of 1 percentage point.
The 15-year fixed-rate fell 3 basis points from 3.61 percent to 3.58 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, was 4.89 percent, down 13 basis points from last week's rate.
The 5/1 ARM fell 9 basis points to 3.15 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The low rates have continued to attract many refinancers, but the volatile stock market and concerns about the economy have scared away some buyers. The Mortgage Bankers Association reports mortgage refinance applications were up 8 percent last week compared to one week earlier. The purchase refinance index, a measure of the volume of mortgage applications from buyers, decreased 9.1 percent.