- 4.12% (30-year fixed)
- 0.29 (average points)
Mortgage rates tumbled this week, reaching record lows after the Federal Reserve pledged to keep its key interest rate near zero until late 2014.
The 30-year fixed-rate mortgage fell 13 basis points to 4.12 percent. A basis point is one-hundredth of 1 percentage point.
The 15-year fixed-rate fell 11 basis point to 3.34 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 7 basis points to 4.55 percent.
The 5/1 ARM fell 7 basis points to 3.02 percent. With a 5/1 ARM the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications decreased 2.9 percent last week compared to one week earlier, according to the Mortgage Bankers Association.