mortgage

National mortgage rates for Oct. 16, 2014

Interest Rate Roundup
Find the best mortgage rates in your area.

Mortgages

  • 4.01% (30-year fixed)
  • 0.23 (average points)

Mortgage rates fell again this week, according to Bankrate's latest survey of interest rates.

The 30-year fixed-rate mortgage plunged 17 basis points to 4.01 percent, and the 15-year fixed-rate mortgage dropped 14 basis points to 3.23 percent.

A basis point is one-hundredth of 1 percent.

The 30-year jumbo mortgage fell 12 basis points to 4.09 percent. A jumbo mortgage is typically a loan that exceeds $417,000.

The 5/1 adjustable-rate mortgage was 3.09 percent, tumbling 18 basis points. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.

 

 

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