Mortgages
- 3.97% (30-year fixed)
- 0.44 (average points)
Mortgage rates reached record lows, as investors grow concerned about the political unrest in Greece and fear the country could be forced out of the eurozone.
The 30-year fixed-rate mortgage fell 5 basis points to 3.97 percent. A basis point is one-hundredth of 1 percentage point. That's the first time the fixed rate dipped below 4 percent since Bankrate started the weekly survey 26 years ago.
The 15-year fixed rate was 3.2 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 4.52 percent.
The 5/1 adjustable-rate mortgage rose 1 basis point to 3 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications increased 9.2 percent last week, compared to one week earlier, according to the Mortgage Bankers Association.