Home Loan Basics
Interest rates have softened from last week’s 2013 high of 4.74% for a 30-year fixed-rate mortgage. Current interest rates sit at 4.62% for a 30-year fixed-rate.
Rates also dropped for a 15-year fixed-rate mortgage landing at 3.66% down from last week’s 3.75%. The rates for a 5/1 adjustable rate mortgage (ARM) are down from 3.69% to 3.615%.
Interest rates for a 30 year jumbo loan fell to 4.77%, down from 4.88%.