Please ensure Javascript is enabled for purposes of website accessibility

Mortgage Rates Decline Again Today

By Tim Brugger - Updated Apr 5, 2017 at 9:42AM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Mortgage rates continue their slow but steady decline today.

It appears the 7.2% jump in home prices across the U.S. to $260,900 in February is being offset by steadily declining average mortgage rates. Higher home prices, combined with increasing mortgage rates, could push average homebuyers out of the market -- clearly not a good scenario for lenders.

The drop in rates follows the recent increase in the Federal Reserve's benchmark rate, as well as the subsequent bump in many banks' prime rates -- what they charge their most creditworthy customers. This makes the recent declines an even more pleasant surprise.

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

4.48%

4.62%

30-year fixed

3.95%

4.10%

15-year fixed

3.13%

3.22%

30-year fixed refinance

3.94%

4.11%

15-year fixed refinance

3.15%

3.23%

5/1 ARM

3.13%

3.28%

5/1 ARM refinance

3.26%

3.36%

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

As inexpensive as mortgages are today, they are at levels homebuyers couldn't have even imagined 25 years ago. For some perspective, here are a few average rates from April 1992.

Mortgage Type

Mortgage Rates March 2012

30-year fixed

8.85%

15-year fixed

8.47%

1-year ARM

6.15%

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

For homeowners intending to tap into their home's equity via a home equity line of credit (HELOC) or equity loan, both rates remained relatively stable again today -- not surprising, given the aforementioned bump in average home values. HELOC and equity loan rates are now 5.20% and 5.29%, respectively. HELOC rates are still below last month's 5.23%, though home equity loans are above March's 5.26%.

 
 

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning service.

Stock Advisor Returns
345%
 
S&P 500 Returns
119%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 05/16/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.