- 4.18% (30-year fixed)
- 0.35 (average points)
Mortgage rates stayed near record lows this week as borrowers rushed to refinance their loans.
The 30-year fixed-rate mortgage was 4.18 percent, unchanged from last week. A basis point is one-hundredth of 1 percentage point.
The 15-year fixed rate rose 1 basis point to 3.39 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 2 basis points to 4.58 percent.
The 5/1 ARM rose 2 basis points to 3.06 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications increased 23.1 percent last week compared to one week earlier, according to the Mortgage Bankers Association.