- 3.94% (30-year fixed)
- 0.26 (average points)
Mortgage rates fell for the sixth week in a row as investors worried about the declining currency in Russia and low oil prices.
The 30-year fixed-rate mortgage fell 9 basis points to 3.94 percent. A basis point is one-hundredth of 1 percent.
The 15-year fixed-rate mortgage fell 7 basis points 3.21 percent. The average rate for a 30-year jumbo mortgage fell 8 basis points to 4.04 percent. A jumbo mortgage is generally a loan of more than $417,000.
The 5/1 adjustable-rate mortgage fell 5 basis points to 3.21 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.