mortgage

National mortgage rates for July 28, 2016

Interest Rate Roundup

Mortgages

  • 30-year fixed: 3.63%
  • Average points: 0.23

Mortgage rates were mixed this week, according to Bankrate's latest survey of large lenders.

The benchmark 30-year fixed-rate mortgage rose 3 basis points to 3.63%. The benchmark 15-year fixed-rate mortgage also rose 3 basis points to 2.89%.

A basis point is one-hundredth of 1%.

The typical 30-year fixed-rate jumbo fell 2 basis points to 3.69%. For the purposes of Bankrate's survey, a jumbo mortgage is a loan that is at least $650,000.

The average 5/1 adjustable-rate mortgage remained at 3.08%. With a 5/1 ARM, the rate is fixed for 5 years and adjusted annually thereafter.

Mortgage applications fell 11.2% from last week, according to the Mortgage Bankers Association's weekly survey.

 

 

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