Though not surprisingly given the expected rate hike coming next week when Janet Yellen and the rest of the Federal Open Market Committee gather, mortgage rates inched up again today. That being said, securing a home loan is still a relatively inexpensive proposition compared to years gone by.

But first things first. Here are today's average mortgage rates across the U.S., along with where they stood a month  ago.

Mortgage Rates (National Average)

 

Today

1 month ago

30 year fixed jumbo

4.69%

4.21%

30 year fixed

4.17%

3.94%

15 year fixed

3.31%

3.15%

30 year fixed refi

4.19%

3.97%

15 year fixed refi

3.32%

3.16%

5/1 ARM

3.28%

3.15%

5/1 ARM refi

3.37%

3.15%

Data source: Bloomberg. Rates may include points.

For some perspective, here are a few of the national average mortgage rates from 10 years ago.

Mortgage Rates (National Average)

 

March, 2007

30 year fixed

6.16%

15 year fixed

5.88%

5/1 ARM

5.90%

Data source: Federal Home Loan Mortgage Corporation (Freddie Mac).

If feasible, many mortgage shoppers would be wise to consider fixed-rate alternatives, particularly with an expected rate hike pending. Adjustable rate mortgages are tied to a benchmark interest rate, often the London Inter-Bank Offer Rate, or LIBOR. In today's global economy, a boost in the U.S. Fed Funds rate will almost certainly result in a LIBOR rate bump.

For current homeowners looking to tap into their equity via a home equity lines of credit (HELOC) or equity loan, today offers another breath of fresh air. Both rates are down again from last month, to 5.22% and 5.22% respectively, compared to last month's 5.28% and 5.26%.

 
 

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