- 4.27% (30-year fixed)
- 0.3 (average points)
Mortgage rates inched up this week but remained near their lows for the year amid positive economic news.
The 30-year fixed-rate mortgage rose 3 basis points to 4.27 percent. A basis point is one-hundredth of 1 percent.
The 15-year fixed-rate mortgage rose 5 basis points to 3.42 percent.
The average rate for a 30-year jumbo mortgage rose 6 basis points to 4.35 percent. A jumbo mortgage is generally a loan of more than $417,000.
The 5/1 adjustable-rate mortgage rose 4 basis points to 3.29 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications from buyers and refinancers decreased 7.2 percent last week, from one week earlier, according to the Mortgage Bankers Association weekly survey.