- 4.08% (30-year fixed)
- 0.29 (average points)
Rates on mortgages mostly ticked down this week, according to Bankrate's latest survey of interest rates.
The 30-year fixed-rate mortgage fell 2 basis points to 4.08 percent. The average rate for a 15-year fixed-rate mortgage fell 1 basis point to 3.29 percent. A basis point is one-hundredth of 1 percent.
The average rate for a 30-year jumbo mortgage rose 1 basis point to 4.14 percent. A jumbo mortgage is a loan that usually exceeds $417,000.
The 5/1 adjustable-rate mortgage fell 2 basis points to 3.19 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.