Mortgages
- 3.59% (30-year fixed)
- 0.44 (average points)
Mortgage rates edged higher this week after the latest jobs report injected some confidence in the market.
The 30-year fixed-rate mortgage rose 7 basis points to 3.59 percent. A basis point is one-hundredth of 1 percentage point.
The 15-year fixed-rate mortgage rose 4 basis points to 2.88 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, rose 3 basis points to 4.19 percent.
The 5/1 adjustable-rate mortgage rose 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 1.2 percent last week compared to one week earlier, according to the Mortgage Bankers Association.