Mortgages
- 3.97% (30-year fixed)
- 0.41 (average points)
Mortgage rates stayed near record lows as the housing market shows signs of recovery.
The 30-year fixed-rate mortgage was 3.97 percent, unchanged from last week.
The 15-year fixed rate fell 1 basis point to 3.19 percent. A basis point is one-hundredth of 1 percentage point. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, was 4.52 percent, the same as last week.
The 5/1 adjustable-rate mortgages rose 2 basis points to 3.02 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications increased 3.8 percent last week, compared to one week earlier, according to the Mortgage Bankers Association.