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%.
