mortgage

Interest rate roundup for Oct. 20, 2011

Interest Rate Roundup
Mortgage rate graph
Find the best mortgage rates in your area.

Mortgages

  • 4.38% (30-year fixed)
  • 0.38 (average points)

Mortgage rates barely changed this week after recently bouncing up from historically low levels.

The 30-year fixed-rate mortgage rose 1 basis point to 4.38 percent. A basis point is one-hundredth of 1 percentage point.

The 15-year fixed-rate fell 1 basis point to 3.58 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, was 4.89 percent, down 1 basis point from last week.

The 5/1 ARM fell 2 basis points to 3.24 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.

The volume of mortgage applications decreased 14.9 percent last week from one week earlier, according to the Mortgage Bankers Association's weekly survey.

 

 

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