National mortgage rates for Sept. 20, 2012

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Mortgages

  • 3.7% (30-year fixed)
  • 0.43 (average points)

Mortgage rates hit fresh lows this week after the Federal Reserve started its bond-buying program.

The 30-year fixed-rate mortgage fell 11 basis points to 3.7 percent. A basis point is one-hundredth of 1 percentage point.

The 15-year fixed-rate mortgage fell 9 basis points to 2.95 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 4 basis points to 4.32 percent.

The 5/1 adjustable-rate mortgage fell 6 basis points to 2.69 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.

The volume of mortgage applications decreased 0.2 percent last week compared to one week earlier, according to the Mortgage Bankers Association.



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