- 4.28% (30-year fixed)
- 0.29 (average points)
Mortgage rates barely changed this week despite news that the U.S. economy grew at a much faster pace in the second quarter of the year than economists had expected.
The 30-year fixed-rate mortgage was 4.28 percent, the same as last week.
The 15-year fixed-rate mortgage fell 1 basis point to 3.4 percent. A basis point is one-hundredth of 1 percent.
The average rate for a 30-year jumbo mortgage rose 5 basis points to 4.39 percent. A jumbo mortgage is generally a loan of more than $417,000.
The 5/1 adjustable-rate mortgage rose 1 basis point to 3.38 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 2.2 percent last week from one week earlier, according to the Mortgage Bankers Association weekly survey.