- 4.37% (30-year fixed)
- 0.38 (average points)
Mortgage rates fell across the board this week, hitting record lows, as investors remain concerned about the economy and the stagnant housing market.
The 30-year fixed-rate mortgage fell 4 basis points, to 4.37 percent. A basis point is one-hundredth of 1 percentage point. This is the lowest rate level the fixed rate has reached since Bankrate started the weekly mortgage survey 26 years ago. The rate hit a previous record last week, when it reached 4.41 percent.
The 15-year fixed-rate fell 15 basis points to 3.48 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, was 4.89 percent, down 5 basis points from last week's rate.
The 5/1 ARM fell 5 basis points to 3.07 percent. With a 5/1 ARM the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications declined 9.6 percent last week from one week earlier, according to the Mortgage Bankers Association weekly survey. Refinances accounted for 77.8 percent of all mortgage applications last week.