There's not much change in mortgage rates today. The shorter-term 15-year fixed rate declined 0.03% to 3.03%. Meanwhile, adjustable-rate mortgage (ARM) rates ticked upward. The 5/1 ARM and 5/1 ARM refinance rates jumped 0.04% and 0.08%, respectively. The 5/1 ARM offers a fixed rate for five years, then adjusts based on the prevailing rates.
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 |
4.38% |
4.65% |
|
30-year fixed |
3.84% |
4.09% |
|
15-year fixed |
3.03% |
3.25% |
|
30-year fixed refinance |
3.83% |
4.09% |
|
15-year fixed refinance |
3.03% |
3.25% |
|
5/1 ARM |
3.16% |
3.28% |
|
5/1 ARM refinance |
3.34% |
3.36% |
Data source: Bloomberg. National average rates which may include points.
While a couple of the rates rose a bit, today's homebuyers are still enjoying relatively cheap loans compared to 10 years ago. For some perspective, here are a few of the rates as of April 2007.
|
Mortgage Type |
Mortgage Rates April 2007 |
|---|---|
|
30-year fixed |
6.18% |
|
15-year fixed |
5.88% |
|
1-year ARM |
5.45% |
|
5/1- year ARM |
5.91% |
Data source: Freddie Mac. Rates do not include points.
For existing homeowners researching a home equity line of credit (HELOC) or equity loan, there's been a slight change in rates today. HELOC rates stayed at 5.30%, while equity loan rates inched up 0.01% to 5.30%. Both equity loan alternatives are above last month's respective rates of 5.13% and 5.21%.
