Interest Rate Roundup
- 4.51% (30-year fixed)
- 0.34 (average points)
Mortgage rates increased this week as the markets reacted to the Fed’s signal that it may raise the federal funds rate earlier than expected.
The 30-year fixed-rate mortgage rose 5 basis points to 4.51 percent. A basis point is one-hundredth of 1 percent.
The 15-year fixed-rate mortgage rose 8 basis points to 3.56 percent. The average rate for a 30-year jumbo mortgage rose 7 basis points to 4.53 percent. A jumbo mortgage is generally a loan of more than $417,000.
The 5/1 adjustable-rate mortgage rose 10 basis points to 3.36 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.