- 4.09% (30-year fixed)
- 0.43 (average points)
Mortgage rates reached new lows this week, amid renewed concerns over the debt crisis in Europe.
The 30-year fixed-rate mortgage fell 1 basis point to 4.09 percent. A basis point is one-hundredth of 1 percentage point.
The 15-year fixed-rate mortgage fell 4 basis points to 3.28 percent, the same as last week. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, was 4.61 percent, unchanged from last week.
The 5/1 adjustable-rate mortgage 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 3.8 percent last week, compared to one week earlier, according to the Mortgage Bankers Association.