- 4.23% (30-year fixed)
- 0.38 (average points)
Mortgage rates dropped again this week as investors remained worried about the European debt crisis.
The 30-year fixed-rate mortgage fell 10 basis points to 4.23 percent. A basis point is one-hundredth of 1 percentage point .
The 15-year fixed-rate mortgage fell 9 basis points to 3.48 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 8 basis points to 4.81 percent.
The 5/1 ARM fell 4 basis points to 3.18 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.