More good news on the mortgage rate landscape today: There were little, if any, changes in rates except for adjustable-rate mortgages (ARMs). Somewhat surprisingly, ARM mortgage were even less expensive again today.
After the recent increase in the Federal Reserve's benchmark rate and subsequent move by many banks to bump their prime rate -- what they charge their most creditworthy customers -- pundits expected an increase in the ARMs rate. But so far, so good.
Bottom line: It's still a great time to be shopping for a home.
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 |
4.53% |
4.48% |
|
30-year fixed |
4.02% |
3.99% |
|
15-year fixed |
3.19% |
3.13% |
|
30-year fixed refinance |
4.02% |
4.01% |
|
15-year fixed refinance |
3.21% |
3.18% |
|
5/1 ARM |
3.15% |
3.15% |
|
5/1 ARM refinance |
3.26% |
3.32% |
Data source: Bloomberg. Rates are national averages and may include points.
Just how good are mortgage rates today? For some perspective, here are the rates home buyers were faced with 20 years ago:
|
Mortgage Type |
Mortgage Rates (National Average) March, 1997 |
|---|---|
|
30-year fixed |
7.89% |
|
15-year fixed |
7.40% |
|
1-year ARM |
5.64% |
Data source: Freddie Mac. Rates do not include points.
For homeowners considering a home equity line of credit (HELOC) or equity loan, both rates were slightly down today. HELOC and equity loan rates are now 5.19% and 5.28%, respectively. HELOC rates are still below last month's 5.26%, though home equity loans are above February's 5.26%.
