- 4.21% (30-year fixed)
- 0.43 (average points)
Mortgage rates dropped this week, and the most popular type of mortgage hit a new record low.
The 30-year fixed-rate mortgage fell 9 basis points to 4.21 percent. A basis point is one-hundredth of 1 percentage point.
The 15-year fixed-rate fell 1 basis point to 3.46 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, was 4.82 percent, down 5 basis points from last week's rate.
The 5/1 ARM fell 2 basis points to 3.11 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
Despite the super-low rates, the volume of mortgage applications decreased 4.3 percent last week from one week earlier, according to the Mortgage Bankers Association weekly survey.