Average mortgage rates inched up Thursday, with most loan varieties climbing just 1 or 2 basis points (a basis point equals 1/100 of a percent). The news was better for people shopping for a jumbo fixed rate alternative. (A "jumbo" loan is generally required if home buyers need to borrow more than $417,000.) The rate on those larger loans dropped another 4 basis points, which tacks onto the previous two days of drops for a combined 28 decline.
Would-be home buyers in the market for a 5/1 adjustable rate mortgage (ARM) weren't as fortunate, given today's 5 basis point increase in rates. The 15-year fixed loan also rose, albeit a slightly more modest 4 basis points. In all, mortgage costs generally remain in line with last month's levels.
Here are all of 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 |
4.28% |
4.41% |
|
30-year fixed |
3.88% |
3.87% |
|
15-year fixed |
3.09% |
3.07% |
|
30-year fixed refinance |
3.86% |
3.87% |
|
15-year fixed refinance |
3.09% |
3.07% |
|
5/1 ARM |
3.23% |
3.10% |
|
5/1 ARM refinance |
3.32% |
3.26% |
Data source: Bloomberg. National average rates which may include points.
Current mortgage rates aren't too far removed from what home buyers enjoyed a few years ago. For some perspective, here are the average mortgage rates from May 2014.
|
Mortgage Type |
Mortgage Rates May 2014 |
|---|---|
|
30-year fixed |
4.19% |
|
15-year fixed |
3.29% |
|
1-year ARM |
2.43% |
|
5/1 ARM |
3.01% |
Data source: Federal Home Loan Mortgage Corporation (Freddie Mac). Rates do not include points.
If you're a current homeowner researching a home equity line of credit (HELOC) or equity loan, the strong housing market continues to work in your favor. Both HELOC and equity loans held steady at 5.30% and 5.27%, respectively. A month ago HELOCs were 5.30% and equity loans 5.28%.
