- 4.24% (30-year fixed)
- 0.36 (average points)
Mortgage rates moved only slightly this week as lenders remained busy with applications from borrowers who want to refinance.
The 30-year fixed-rate mortgage fell 1 basis point to 4.24 percent. A basis point is one-hundredth of 1 percentage point .
The 15-year fixed-rate was 3.48 percent, unchanged from last week. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 6 basis points to 4.68 percent.
The 5/1 ARM fell 3 basis points to 3.18 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications increased 12.8 percent last week compared to one week earlier, according to the Mortgage Bankers Association. Refinancing accounted for 76 percent of all applications.