mortgage

National mortgage rates for Oct. 2, 2014

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

Mortgages

  • 4.27% (30-year fixed)
  • 0.21 (average points)

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

The 30-year fixed-rate mortgage was 4.27 percent, falling 3 basis points. The average rate for a 15-year fixed-rate mortgage fell 2 basis points to 3.44 percent.

A basis point is one-hundredth of 1 percent.

The average rate for a 30-year jumbo mortgage also fell 2 basis points to 4.29 percent. A jumbo mortgage is a loan that usually exceeds $417,000.

The 5/1 adjustable-rate mortgage went down 3 basis points to 3.29 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.

 

 

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