- 3.55% (30-year fixed)
- 0.39 (average points)
Mortgage rates tumbled this week as the Federal Reserve continued its bond-buying plan, or quantitative easing.
The 30-year fixed-rate mortgage fell 15 basis points to 3.55 percent. A basis point is one-hundredth of 1 percentage point.
The 15-year fixed-rate mortgage fell 7 basis points to 2.88 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 13 basis points to 4.19 percent.
The 5/1 adjustable-rate mortgage fell 1 basis point to 2.68 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications decreased 2.8 percent last week compared to one week earlier, according to the Mortgage Bankers Association.