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National mortgage rates for Nov. 8, 2012

Claes Bell

Interest Rate Roundup

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  • 3.57% (30-year fixed)
  • 0.4 (average points)

Mortgage rates were mixed in what was generally a slow week.

The 30-year fixed-rate mortgage stayed steady at 3.57 percent.

However, the 15-year fixed-rate mortgage fell 1 basis point to 2.88 percent. A basis point is one-hundredth of 1 percentage point.

The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, also fell, losing 2 basis points to 4.09 percent.

The 5/1 adjustable-rate mortgage was unchanged at 2.72 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.

The volume of mortgage applications decreased 5 percent last week, compared to one week earlier, according to the Mortgage Bankers Association, reflecting, in part, the effects of Superstorm Sandy.

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