- 4.1% (30-year fixed)
- 0.35 (average points)
Mortgage rates fell and reached a new record low this week as investors worry about the debt crisis in Greece.
The 30-year fixed-rate mortgage fell 4 basis points to 4.1 percent. A basis point is one-hundredth of 1 percentage point.
The 15-year fixed-rate fell 1 basis point to 3.35 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, rose 1 basis point to 4.56 percent.
The 5/1 ARM fell 2 basis points to 3.03 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications decreased 1 percent last week compared to one week earlier, according to the Mortgage Bankers Association.