- 4.1% (30-year fixed)
- 0.27 (average points)
Rates on mortgages fell this week, according to Bankrate's latest survey of interest rates.
The average rate for a 30-year fixed-rate mortgage fell 3 basis points to 4.1 percent. The 15-year fixed-rate mortgage fell 2 basis points to 3.3 percent. A basis point is one-hundredth of 1 percent.
The average rate for a 30-year jumbo mortgage also fell 2 basis points to 4.13 percent. A jumbo mortgage is a loan that usually exceeds $417,000.
The 5/1 adjustable-rate mortgage inched down 1 basis point to 3.21 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.