Interest Rate Roundup for Sept. 8, 2011

Interest Rate Roundup
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  • 4.35% (30-year fixed)
  • 0.38 (average points)

Fixed mortgage rates took another dip this week after a dismal jobs report fueled concerns about the shaky economy.

The 30-year fixed-rate mortgage fell 2 basis points, to 4.35 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 4.37 percent.

The 15-year fixed-rate remained unchanged at 3.48 percent, following last week's drop of 15 basis points. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, was 4.86 percent, down 3 basis points from last week's rate.

The 5/1 ARM rose 3 basis points to 3.1 percent. With a 5/1 ARM the rate is fixed for five years and adjusted annually thereafter.

The volume of mortgage applications declined 4.9 percent last week from one week earlier, according to the Mortgage Bankers Association weekly survey.




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