Interest Rate Roundup
- 30-year fixed: 3.9%
- Average points: 0.3
Mortgage rates dropped this week as the Federal Reserve reassured investors that it is not in a rush to raise the federal funds rate.
The 30-year fixed-rate mortgage fell 6 basis points to 3.9 percent. A basis point is one-hundredth of 1 percent.
The 15-year fixed-rate mortgage fell 6 basis points to 3.15 percent. The average rate for a 30-year jumbo mortgage fell 4 basis points to 4.07 percent. A jumbo mortgage is generally a loan of more than $417,000.
The 5/1 adjustable-rate mortgage fell 9 basis points to 3.22 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.