- 4.29% (30-year fixed)
- 0.29 (average points)
Mortgage rates snoozed for the second week in a row, ignoring economic reports and global news that normally move markets.
The 30-year fixed-rate mortgage rose 1 basis point to 4.29 percent. A basis point is one-hundredth of 1 percent.
The 15-year fixed-rate mortgage was 3.4 percent, the same as last week.
The average rate for a 30-year jumbo mortgage stayed at 4.39 percent. A jumbo mortgage is generally a loan of more than $417,000.
The 5/1 adjustable-rate mortgage fell 4 basis points to 3.34 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 increased 1.6 percent last week from one week earlier, according to the Mortgage Bankers Association weekly survey.