Mortgage rates fell this week, according to Bankrate's latest survey of interest rates.
The benchmark 30-year fixed-rate mortgage fell 5 basis points to 3.8%. The 15-year fixed-rate mortgage fell 3 basis points to 3.09%.
A basis point is one-hundredth of 1%.
The typical 30-year, fixed-rate jumbo mortgage fell 5 basis points to 3.7%. For the purposes of Bankrate's survey, a jumbo mortgage is a loan of at least $650,000.
The average 5/1 adjustable-rate mortgage fell 4 basis points to 3.24%. With a 5/1 ARM, the rate is fixed for 5 years and adjusted annually thereafter.
Mortgage applications fell 4.3% last week from the previous week, according to the Mortgage Bankers Association's weekly survey. Results were adjusted to account for the Presidents Day holiday.
*Information gathered from bankrates.com