Mortgages
- 3.52% (30-year fixed)
- 0.37 (average points)
The rate on the most popular type of mortgage rose this week, despite the Fed's renewed efforts to push rates down. Rates on other types of mortgages were unchanged.
The 30-year fixed-rate mortgage inched up 2 basis points to 3.52 percent. A basis point is one-hundredth of 1 percentage point.
The 15-year fixed-rate mortgage was 2.85 percent, unchanged from last week. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, stayed at 3.98 percent.
The 5/1 adjustable-rate mortgage was 2.74 percent, the same as last week. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications increased 6.2 percent last week, compared to one week earlier, according to the Mortgage Bankers Association.
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