Interest Rate Roundup
Find the best mortgage rates in your area.
- 3.62% (30-year fixed)
- 0.31 (average points)
Mortgage rates jumped this week as investors bet Congress is close to an agreement to avert the "fiscal cliff."
The 30-year fixed-rate mortgage rose 10 basis points to 3.62 percent. A basis point is one-hundredth of 1 percentage point.
The 15-year fixed-rate mortgage rose 4 basis points to 2.89 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, rose 9 basis points to 4.07 percent.
The 5/1 adjustable-rate mortgage rose 4 basis points to 2.78 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications decreased 12.3 percent last week compared to one week earlier, according to the Mortgage Bankers Association.
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