- 3.62% (30-year fixed)
- 0.41 (average points)
Mortgage rates increased slightly this week but remained near record lows as the housing market continued to improve.
The 30-year fixed-rate mortgage rose 3 basis points to 3.62 percent. A basis point is one-hundredth of 1 percentage point.
The 15-year fixed-rate mortgage rose 3 basis points to 2.91 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 1 basis point to 4.18 percent.
The 5/1 adjustable-rate mortgage rose 4 basis points to 2.72 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications decreased 4.2 percent last week compared to one week earlier, according to the Mortgage Bankers Association.