- 4.02% (30-year fixed)
- 0.43 (average points)
Mortgage rates reached new record lows, after the April jobs report disappointed investors who remain concerned about the European debt crisis.
The 30-year fixed-rate mortgage fell 3 basis points to 4.02 percent. A basis point is one-hundredth of 1 percentage point.
The 15-year fixed rate fell 5 basis points to 3.2 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 8 basis points to 4.54 percent.
The 5/1 ARM fell 3 basis points to 2.99 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications increased 1.7 percent last week, compared to one week earlier, according to the Mortgage Bankers Association.