mortgage

National mortgage rates for July 24, 2014

Interest Rate Roundup
Find the best mortgage rates in your area.

Mortgages

  • 4.28% (30-year fixed)
  • 0.3 (average points)

Mortgage rates had mixed results this week, according to Bankrate's latest survey of interest rates.

The average 30-year fixed-rate mortgage fell 2 basis points to 4.28 percent, while the average 15-year fixed-rate mortgage rose 1 basis point to 3.41 percent.

A basis point is one-hundredth of 1 percent.

The rate for a 5/1 adjustable-rate mortgage gained 4 basis points, increasing to 3.37 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.

The average rate for a 30-year jumbo mortgage fell 3 basis points to 4.34 percent. A jumbo mortgage is a loan that usually exceeds $417,000.

Mortgage applications increased 2.4 percent last week from one week earlier, according to a weekly survey conducted by the Mortgage Bankers Association.

 

 

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