Most mortgage rates inched up today, led by a jump of five basis points -- a basis point equals 1/100 of a percent -- in the 15-year fixed refinance rate to 3.08%. Adjustable-rate loans bucked the trend and actually declined, both fairly significantly.

The 5/1 adjustable-rate mortgage (ARM) and 5/1 ARM refinance rates each dropped five basis points. 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

4.39%

4.63%

30-year fixed

3.84%

4.07%

15-year fixed

3.04%

3.24%

30-year fixed refinance

3.84%

4.08%

15-year fixed refinance

3.08%

3.24%

5/1 ARM

3.10%

3.28%

5/1 ARM refinance

3.25%

3.38%

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

Today's homebuyers are still enjoying some of the lowest mortgage 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. 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

5.34%

5/1 ARM

5.91%

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. HELOC rates were little changed at 5.31%, while equity loan rates stayed at 5.30%. Both equity loans remain above last month's 5.10% and 5.20%.


 

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