- 4.33% (30-year fixed)
- 0.42 (average points)
Mortgage rates inched down this week as investors kept their eyes on the European sovereign debt crisis.
The 30-year fixed-rate mortgage fell 5 basis points to 4.33 percent. A basis point is one-hundredth of 1 percentage point .
The 15-year fixed-rate mortgage fell 1 basis point to 3.57 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, was 4.89 percent, unchanged from last week.
The 5/1 ARM fell 2 basis points to 3.22 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications increased 4.9 percent last week from one week earlier, according to the Mortgage Bankers Association weekly survey.