- 3.87% (30-year fixed)
- 0.43 (average points)
Mortgage rates dropped to record lows this week, despite recent efforts to ease the euro crisis and boost investors' confidence.
The 30-year fixed-rate mortgage fell 2 basis points to 3.87 percent. A basis point is one-hundredth of 1 percentage point.
The 15-year fixed-rate mortgage fell 3 basis points to 3.13 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 1 basis point to 4.47 percent.
The 5/1 adjustable-rate mortgage fell 6 basis points to 2.96 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.