Interest Rate Roundup
- 30-year fixed: 4%
- Average points: 0.23
Mortgage rates fell this week, according to Bankrate's May 27 survey of interest rates.
The average rate for a 30-year fixed-rate mortgage fell 3 basis points to 4 percent. The average rate for a 15-year fixed-rate mortgage ticked down 1 basis point to 3.22 percent. A basis point is one-hundredth of 1 percent.
The typical 30-year jumbo mortgage dropped 6 basis points to 4.07 percent. A jumbo mortgage is typically a loan that exceeds $417,000.
The 5/1 adjustable-rate mortgage fell 2 basis points to 3.17 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.