Mortgages
- 3.91% (30-year fixed)
- 0.39 (average points)
Mortgage rates were mixed this week, as international investors remain skeptical the eurozone will successfully resolve its debt crisis.
The 30-year fixed-rate mortgage dropped again this week, breaking the previous record set in last week's survey, falling 1 basis point to 3.91 percent from last week. A basis point is one-hundredth of 1 percentage point .
On the other hand, the 15-year fixed-rate mortgage rose 1 basis point to 3.17 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, rose 2 basis points to 4.48 percent.
The 5/1 adjustable-rate mortgage rose 1 basis point to 3 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
The volume of mortgage applications increased 18 percent, compared to one week earlier, to the highest level since May 2009, according to the Mortgage Bankers Association.
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