Mortgages
- 4.3% (30-year fixed)
- 0.37 (average points)
Mortgage rates inched up this week, as investors kept their eyes on Europe's debt woes.
The 30-year fixed-rate mortgage rose 1 basis point to 4.3 percent. A basis point is one-hundredth of 1 percentage point.
The 15-year fixed-rate mortgage rose 5 basis points to 3.47 percent. The average rate for 30-year jumbo mortgages, which are generally loans of more than $417,000, was 4.87 percent, up 2 basis points from last week's rate.
The 5/1 ARM rose 8 basis points to 3.13 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications surged 9.3 percent from one week earlier, according to the Mortgage Bankers Association weekly survey.