Not much change on the mortgage rate front today. Most fixed-rate loans inched up slightly, while adjustable-rate mortgages (ARMs) ticked down a bit. Expectations following the Federal Reserve's recent 0.25% bump in its benchmark rate were for a slow but steady increase. However, home shoppers so far haven't been negatively affected.

One of the likely reasons for the stable rate environment is the declining number of affordable homes for sale. The lack of supply resulted in a 7.7% jump in home prices last month compared to the prior-year period. It seems lenders have recognized the shortage of affordable homes and are keeping mortgage rates down to appeal to more homebuyers.

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

4.54%

4.43%

30-year fixed

4.02%

3.94%

30-year fixed

3.19%

3.13%

30-year fixed refinance

4.04%

3.95%

30-year fixed refinance

3.24%

3.20%

5/1 ARM

3.18%

3.14%

5/1 ARM refinance

3.29%

3.25%

Data source: Bloomberg. National average rates, which may include points.

As attractive as today's mortgage rates are, they were even lower just five years ago, albeit just slightly. For some perspective, here are a few of the rates from March 2012.

Mortgage Type

Mortgage Rates (National Average) March 2007

30-year fixed

3.95%

30-year fixed

3.20%

1-year ARM

2.77%

5/1 year ARM

2.87%

Data source: Freddie Mac. Rates do not include points.

For homeowners shopping for a home equity line of credit (HELOC) or equity loan, both rates remained fairly stable, as they had for much of last week. Today's HELOC and equity loan rates are 5.10% and 5.23%, respectively. Both remain below last month's respective rates of 5.27% and 5.26%.

 

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