Another day, another drop in mortgage rates across the U.S. Today's decline was a bit more modest than yesterday's, but still heading in the right direction for homebuyers. Most rates dropped by 0.02% to 0.04%, led by jumbo rates, which sank to 4.40% from Wednesday's 4.44%.
The only rates that remained steady, yet again, were equity loans, which stayed the course. It appears Tuesday's uptick was little more than a hiccup.
Here are today's average mortgage rates across the U.S., along with where they stood a month ago.
|
Mortgage Type |
Mortgage Rates Today |
Mortgage Rates 1 month ago |
|---|---|---|
|
30-year fixed jumbo |
4.40% |
4.69% |
|
30-year fixed |
3.88% |
4.16% |
|
15-year fixed |
3.08% |
3.30% |
|
30-year fixed refinance |
3.88% |
4.17% |
|
15-year fixed refinance |
3.09% |
3.34% |
|
5/1 ARM |
3.12% |
3.36% |
|
5/1 ARM refinance |
3.30% |
3.51% |
Data source: Bloomberg. National average rates which may include points.
As attractive as today's mortgage rates are, they look even better compared to the relatively steep cost of a loan just 10 years ago. For some perspective, here are a few of the rates as of April 2007.
|
Mortgage Type |
Mortgage Rates April, 2007 |
|---|---|
|
30-year fixed |
6.18% |
|
15-year fixed |
5.88% |
|
1-year ARM |
5.45% |
|
5/1-year ARM |
5.91% |
Data source: Freddie Mac. Rates do not include points.
For longtime homeowners considering a home equity line of credit (HELOC) or equity loan, there's no change in either rate today. HELOC and equity loan rates remained at 5.24% and 5.30%, respectively. Both equity loans are priced slightly above March's respective rates of 5.20% and 5.22%.
