National mortgage rates for Aug. 2, 2012

August 2, 2012 By Leave a Comment

Mortgage rate graph

Mortgages

  • 3.77% (30-year fixed)
  • 0.44 (average points)

The rate on the most popular type of mortgage edged up from record lows this week but remained near the bottom.

The 30-year fixed-rate mortgage rose 2 basis points to 3.77 percent. A basis point is one-hundredth of 1 percentage point.

The 15-year fixed-rate mortgage fell 1 basis point to 2.99 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, rose 1 basis point to 4.39 percent.

The 5/1 ARM rose 2 basis points to 2.91 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.

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

Article source: http://www.bankrate.com/finance/news/mortgage/interest-rates-080212.aspx

Filed Under: Real Estate News Tagged With: ,

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