Mortgage Rates Hit Six Month Low

Mortgage rates fell again this week, hitting a six-month low as investors reacted to weak economic news in the U.S. and to reports that the European Central Bank may ease monetary policy.

The 30-year fixed-rate mortgage fell 4 basis points to 4.33 percent. A basis point is one-hundredth of 1 percent.

The 15-year fixed-rate mortgage fell 3 basis points to 3.42 percent. The average rate for a 30-year jumbo mortgage fell 4 basis points to 4.35 percent. A jumbo mortgage is generally a loan of more than $417,000.

The 5/1 adjustable-rate mortgage fell 3 basis points to 3.31 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.

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Read More:
https://www.bankrate.com/finance/mortgages/rate-roundup.aspx#ixzz31ofSUdJq

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