What little change there was in mortgage rates today was for the better, led by a drop of 3 basis points -- a basis point equals 1/100 of a percent -- in the 30-year fixed rate, to 3.81%. Adjustable-rate loans eased as well after inching up earlier in the week.

The 5/1 adjustable-rate mortgage (ARM) and 5/1 ARM refinance rates dropped 1 and 4 basis points, respectively. The 5/1 ARM offers a fixed rate for five years, then adjusts based on the prevailing rates following the fixed period.

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

3.81%

4.09%

15-year fixed

3.03%

3.25%

30-year fixed refinance

3.80%

4.09%

15-year fixed refinance

3.03%

3.25%

5/1 ARM

3.15%

3.28%

5/1 ARM refinance

3.30%

3.36%

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

Today's homebuyers are enjoying some of the lowest loan rates in history, despite the recent 0.25% bump in the Federal Reserve's benchmark rate. Securing a mortgage used to be a much more expensive proposition. How expensive? For some perspective, here are a few of the rates as of April 1997.

Mortgage Type

Mortgage Rates, April 1997

30-year fixed

8.14%

15-year fixed

7.67%

1-year ARM

5.86%

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

For existing homeowners exploring a home equity line of credit (HELOC) or equity loan, there's no change in either rates today. Both HELOC and equity loans stayed at 5.30%. The equity loan alternatives remain above last month's 5.13% and 5.21%.


 

The Motley Fool has a disclosure policy.