Mortgages
- 4.15% (30-year fixed)
- 0.4 (average points)
Mortgage rates rose this week as the economy improves and fuels investor confidence.
The 30-year fixed-rate mortgage rose 4 basis points to 4.15 percent. A basis point is one-hundredth of 1 percentage point.
The 15-year fixed-rate rose 4 basis point to 3.38 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, rose 10 basis points to 4.73 percent.
The 5/1 ARM jumped 11 basis point to 3.14 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications decreased 2.4 percent last week compared to one week earlier, according to the Mortgage Bankers Association.