mortgage

Interest Rate Roundup for Feb. 23, 2012

Interest Rate Roundup
Mortgage rate graph
Find the best mortgage rates in your area.

Mortgages

  • 4.16% (30-year fixed)
  • 0.39 (average points)

Mortgage rates rebounded slightly off of last week's record low.

The 30-year fixed-rate mortgage gained 6 basis points to 4.16 percent. A basis point is one-hundredth of 1 percentage point.

The 15-year fixed rate picked up 3 basis points to 3.38 percent. For jumbo loans, which are generally those of more than $417,000, the average 30-year jumbo mortgage rate jumped 9 basis points to 4.65 percent.

Also up 9 basis points, the 5/1 ARM is now 3.12 percent. A 5/1 ARM is an adjustable-rate mortgage in which the rate is fixed for the first five years and then adjusts every year after that.

The volume of mortgage applications is down, plunging 4.5 percent last week, the weekly mortgage application survey from the Mortgage Bankers Association reports.

 

 

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