What little change there was in mortgage rates today was for the better, led by a drop of 3 basis points -- a basis point equals 1/100 of a percent -- in the 30-year fixed rate, to 3.81%. Adjustable-rate loans eased as well after inching up earlier in the week.
The 5/1 adjustable-rate mortgage (ARM) and 5/1 ARM refinance rates dropped 1 and 4 basis points, respectively. The 5/1 ARM offers a fixed rate for five years, then adjusts based on the prevailing rates following the fixed period.
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 |
4.38% |
4.65% |
|
30-year fixed |
3.81% |
4.09% |
|
15-year fixed |
3.03% |
3.25% |
|
30-year fixed refinance |
3.80% |
4.09% |
|
15-year fixed refinance |
3.03% |
3.25% |
|
5/1 ARM |
3.15% |
3.28% |
|
5/1 ARM refinance |
3.30% |
3.36% |
Data source: Bloomberg. National average rates, which may include points.
Today's homebuyers are enjoying some of the lowest loan rates in history, despite the recent 0.25% bump in the Federal Reserve's benchmark rate. Securing a mortgage used to be a much more expensive proposition. How expensive? For some perspective, here are a few of the rates as of April 1997.
|
Mortgage Type |
Mortgage Rates, April 1997 |
|---|---|
|
30-year fixed |
8.14% |
|
15-year fixed |
7.67% |
|
1-year ARM |
5.86% |
Data source: Freddie Mac. Rates do not include points.
For existing homeowners exploring a home equity line of credit (HELOC) or equity loan, there's no change in either rates today. Both HELOC and equity loans stayed at 5.30%. The equity loan alternatives remain above last month's 5.13% and 5.21%.
