The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 4.71 percent from 4.78 percent, with points decreasing to 0.25 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. This is the second consecutive week that the 30-year fixed interest rate for jumbo loans has been lower than the 30-year fixed rate for conforming loans.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.48 percent from 4.52 percent, with points decreasing to 0.03 from 0.32 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.75 percent from 3.84 percent, with points decreasing to 0.30 from 0.35 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs decreased to 3.49 percent from 3.50 percent, with points remaining unchanged at 0.37 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
For more information, visit www.mortgagebankers.org.
