Interest Rate Roundup
- 30-year fixed: 3.8%
- Average points: 0.29
Mortgage rates inched down this week as the Federal Reserve remained committed to keeping rates low until midyear.
The 30-year fixed-rate mortgage fell 1 basis point to 3.8 percent. A basis point is one-hundredth of 1 percent.
The 15-year fixed-rate mortgage fell 5 basis points to 3.13 percent. The average rate for a 30-year jumbo mortgage rose 1 basis point 4.02 percent. A jumbo mortgage is generally a loan of more than $417,000.
The 5/1 adjustable-rate mortgage was 3.19 percent, the same as last week. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.