- 4.19% (30-year fixed)
- 0.32 (average points)
Mortgage rates were mixed this week as investors worried about the eurozone debt crisis and the weak U.S. economy. The rate on the most common type of mortgage hit a record low.
The 30-year, fixed-rate mortgage fell 5 basis points to 4.19 percent. A basis point is one-hundredth of 1 percentage point.
The 15-year fixed-rate fell 6 basis points to 3.42. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, rose 1 basis point to 4.69 percent.
The 5/1 ARM rose 3 basis points to 3.21 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications increased 4.1 percent last week, compared to one week earlier, according to the Mortgage Bankers Association. Refinances accounted for 79.7 percent of all applications.