mortgage

Mortgage rates for Oct. 20, 2011

 

 

Mortgage rates are slow and steady as they go this week, barely changing from last week after recently bouncing up from historical low levels.

The 30-year fixed-rate mortgage rose 1 basis point to 4.38 percent.

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

If you qualify for a mortgage, now is the time to buy. Although mortgage rates won't stay this low forever, borrowers won't be seeing a great increase for a long time. If you're on the fence about purchasing a home, you can always shop around for the best rates and information by visiting Bankrate.com. I'm Kristin Arnold.

 

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