Mortgage rates bucked the week's trend Friday, dropping slightly across the board. Most loans dipped just 1 or 2 basis points (a basis point equals 1/100 of a percent), but the reversal from the week's previous increases is a welcome sign for would-be home buyers.
The only related interest rates that didn't change were those for home equity lines of credit (HELOCs) and home equity loans, which remained at 5.30% and 5.28% respectively, as they have all week.
The slow but steady increase of rates earlier this week didn't bode well for prospective borrowers, as they were seen by some as the result of last month's 0.25% increase in the Federal Reserve's benchmark fed funds rate. But today's declines put an end to that notion -- at least for now.
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 |
4.44% |
4.50% |
|
30-year fixed |
3.91% |
3.98% |
|
15-year fixed |
3.10% |
3.16% |
|
30-year fixed refinance |
3.90% |
3.99% |
|
15-year fixed refinance |
3.09% |
3.18% |
|
5/1 ARM |
3.15% |
3.16% |
|
5/1 ARM refinance |
3.26% |
3.24% |
Data source: Bloomberg. National average rates which may include points.
As attractive as rates are today, folks shopping for homes a couple of years ago enjoyed even lower-cost mortgages. For some perspective, here are the average mortgage rates from April, 2015.
|
Mortgage Type |
Mortgage Rates, April 2015 |
|---|---|
|
30-year fixed |
3.67% |
|
15-year fixed |
2.94% |
|
1-year ARM |
2.46% |
|
5/1 ARM |
2.86% |
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 levels of 5.12% and 5.23%, respectively.
