- 4.03% (30-year fixed)
- 0.28 (average points)
Rates on mortgages mostly fell this week, according to Bankrate's latest survey of interest rates.
The 30-year fixed-rate mortgage fell 4 basis points to 4.03 percent. The average rate for a 15-year fixed-rate mortgage inched down 1 basis point to 3.28 percent. A basis point is one-hundredth of 1 percent.
The average rate for a 30-year jumbo mortgage held steady at 4.12 percent. A jumbo mortgage is typically a loan that exceeds $417,000.
The 5/1 adjustable-rate mortgage rose 6 basis points to 3.26 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.