- 4.29% (30-year fixed)
- 0.42 (average points)
Mortgage rates jumped this week as investors became more optimistic about economic growth in the United States.
The 30-year fixed-rate mortgage rose 14 basis points to 4.29 percent. A basis point is one-hundredth of 1 percentage point.
The 15-year fixed-rate rose 10 basis points to 3.48 percent. The average rate for 30-year jumbo mortgages, generally loans for more than $417,000, rose 12 basis points to 4.85 percent.
The 5/1 adjustable-rate mortgage rose 10 basis point to 3.24 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications decreased 7.4 percent last week, compared to one week earlier, according to the Mortgage Bankers Association.