National mortgage rates for May 2, 2013

Bankrate.com

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Mortgages

  • 3.52% (30-year fixed)
  • 0.33 (average points)

Mortgage rates dipped for the seventh consecutive week, as the Federal Reserve renewed its pledge to keep rates down.

The 30-year fixed-rate mortgage fell 5 basis points to 3.52 percent. A basis point is one-hundredth of 1 percentage point.

The 15-year fixed-rate mortgage fell 5 basis points to 2.75 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 5 basis points to 3.93 percent.

The 5/1 adjustable-rate mortgage fell 2 basis points to 2.63 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.



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