Mortgage rates inched up again today, continuing this week's trend. Most loans rose a mere 1 or 2 basis points (a basis point equals 1/100 of a percent). The exception was a relatively big jump in the 5/1 adjustable-rate mortgage (ARM), which rose 6 basis points to 3.17%.
The 5/1 ARM offers homebuyers a fixed rate for five years and then adjusts up or down based on prevailing rates at the end of the fixed period. The only rates that didn't change were home equity line of credit and equity loans, which again stayed the course at 5.30% and 5.28%, respectively.
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 |
4.47% |
4.54% |
|
30-year fixed |
3.92% |
4.02% |
|
15-year fixed |
3.12% |
3.19% |
|
30-year fixed refinance |
3.91% |
4.04% |
|
15-year fixed refinance |
3.11% |
3.24% |
|
5/1 ARM |
3.17% |
3.18% |
|
5/1 ARM refinance |
3.29% |
3.29% |
Data source: Bloomberg. National average rates, which may include points.
Rates may be heading higher, but for a little perspective, they are nowhere near what homebuyers faced just 10 years ago. Here are the average mortgage rates from 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 ARM |
5.91% |
Data source: Federal Home Loan Mortgage Corporation (Freddie Mac). Rates do not include points.
Both the aforementioned HELOC and equity rates remain above last month's 5.10% and 5.23%.
