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National mortgage rates for Oct. 4, 2012

Polyana da Costa

Interest Rate Roundup

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Mortgages

  • 3.52% (30-year fixed)
  • 0.44 (average points)

Mortgage rates inched down this week as the volume of refinance applications climbed to the highest level in more than three years.

The 30-year fixed-rate mortgage fell 3 basis points to 3.52 percent. A basis point is one-hundredth of 1 percentage point.

The 15-year fixed-rate mortgage fell 4 basis points to 2.84 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 3 basis points to 4.16 percent.

The 5/1 adjustable-rate mortgage fell 1 basis point to 2.67 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.

The volume of mortgage applications increased 16.6 percent last week compared to one week earlier, according to the Mortgage Bankers Association.

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