- 4.47% (30-year fixed)
- 0.33 (average points)
Mortgage rates dropped this week as economic reports showing signs of steady growth in the labor market didn't seem to impress investors.
The 30-year fixed-rate mortgage fell 7 basis points to 4.47 percent. A basis point is one-hundredth of 1 percent.
The 15-year fixed-rate mortgage fell 6 basis points to 3.52 percent. The average rate for a 30-year jumbo mortgage fell 6 basis points to 4.48 percent. A jumbo mortgage is generally a loan of more than $417,000.
The 5/1 adjustable-rate mortgage stayed at 3.34 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.