The somewhat surprising declines in mortgage rates that homebuyers enjoyed Tuesday were short lived. As many pundits had forecast, Wednesday saw what could prove to be the beginning of the slow but steady increase that's been expected following the Federal Reserve's recent 0.25% bump in its benchmark rate. The adjustable-rate mortgage (ARM) refinance rate jumped the most, climbing 0.08%.
However, even with the bump in rates on Wednesday, homebuyers are still enjoying what are relatively inexpensive mortgage loans.
Here are the current 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 |
4.52% |
4.48% |
|
30-year fixed |
4.01% |
3.99% |
|
15-year fixed |
3.19% |
3.13% |
|
30-year fixed refi |
4.01% |
4.01% |
|
15-year fixed refi |
3.19% |
3.18% |
|
5/1 ARM |
3.17% |
3.15% |
|
5/1 ARM refi |
3.32% |
3.32% |
Data source: Bloomberg. National average rates which may include points.
Not only are mortgage rates still attractive even after Wednesday's slight increases, compared to just 10 years ago they're downright cheap. For some perspective, here are a few of the rates from March 2007.
|
Mortgage Type |
Mortgage Rates (National Average) March 2002 |
|---|---|
|
30-year fixed |
6.16% |
|
15-year fixed |
5.88% |
|
1-year ARM |
5.45% |
|
5/1 ARM |
5.90% |
Data source: Freddie Mac. Rates do not include points.
For current homeowners exploring a home equity line of credit (HELOC) or equity loan, both rates also creeped up a bit on Wednesday. HELOC and equity loan rates stand at 5.16% and 5.28%, respectively. While HELOC rates remain below last month's 5.26%, home equity loans are above February's 5.26%.
