- 3.6% (30-year fixed)
- 0.36 (average points)
Mortgage rates dropped this week as investors kept their eyes on the debt-ceiling debate.
The 30-year fixed-rate mortgage fell 7 basis points to 3.6 percent. A basis point is one-hundredth of 1 percentage point.
The 15-year fixed-rate mortgage fell 3 basis points to 2.89 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 6 basis points to 4.04 percent.
The 5/1 adjustable-rate mortgage fell 3 basis points to 2.74 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
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- basis points