Mortgage Rates Today

Interest Rate Roundup

  • 30-year fixed: 4.03%
  • Average points: 0.18

Mortgage rates fell this week after economic turmoil in China made its way to the U.S.

The average rate for a 30-year fixed-rate mortgage fell 3 basis points to 4.03%, according to Bankrate’s survey of interest rates. The rate for a typical 15-year fixed-rate mortgage dropped 9 basis points to 3.19%.

A basis point is one-hundredth of 1%, or 0.01%.

The average rate for a 30-year fixed-rate jumbo mortgage fell 5 basis points to 3.92%. For the purposes of Bankrate’s survey, a jumbo mortgage is a loan that is at least $650,000.

The typical 5/1 adjustable-rate mortgage fell 8 basis points to 3.16%.

With a 5/1 ARM, the rate is fixed for 5 years and adjusted annually thereafter.

Mortgage applications increased 0.2% last week from a week prior, according to the Mortgage Bankers Association’s weekly survey.

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Mortgage Rates Today

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