- 4.27% (30-year fixed)
- 0.26 (average points)
Mortgage rates remained low this week amid reports that U.S. retail sales, which account for about a third of consumer spending, stalled in July.
The 30-year fixed-rate mortgage fell 2 basis points to 4.27 percent. A basis point is one-hundredth of 1 percent.
The 15-year fixed-rate mortgage fell 1 basis point to 3.39 percent.
The average rate for a 30-year jumbo mortgage fell 4 basis points to 4.35 percent. A jumbo mortgage is generally a loan of more than $417,000.
The 5/1 adjustable-rate mortgage fell 2 basis points to 3.32 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 2.7 percent last week from one week earlier, according to the Mortgage Bankers Association weekly survey.