Mortgages
- 4.1% (30-year fixed)
- 0.42 (average points)
Mortgage rates stayed near record lows this week as homeowners took advantage of the opportunity to refinance.
The 30-year fixed-rate mortgage fell 1 basis point to 4.1 percent. A basis point is one-hundredth of 1 percentage point .
The 15-year fixed-rate was 3.32 percent, the same as last week. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 2 basis points to 4.61.
The 5/1 adjustable-rate mortgage rose 2 basis points to 3.05 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications increased 6.9 percent last week compared to one week earlier, according to the Mortgage Bankers Association.