- 4.25% (30-year fixed)
- 0.31 (average points)
Mortgage rates bounced up from last week's record lows, as investors became more confident about the economy in the United States.
The 30-year fixed-rate mortgage rose 7 basis points to 4.25 percent. A basis point is one-hundredth of 1 percentage point.
The 15-year fixed-rate mortgage rose 6 basis points to 3.45 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, rose 4 basis points to 4.62 percent.
The 5/1 ARM rose 3 basis points to 3.09 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications decreased 5 percent last week compared to one week earlier, according to the Mortgage Bankers Association.