Not much change again on the mortgage front Tuesday: After a Monday when most rates either fell by a basis point (i.e., 1/100 of a percent) or held steady, today, most home loan interest rates on average either inched up by a single basis point or remained unchanged. The lone exception was the 5/1 adjustable rate mortgage (ARM), which dropped 2 basis points to 3.22%, erasing most of Monday's 3 basis point increase.

The 5/1 ARM offers home buyers a fixed interest rate for five years, after which it adjusts annually based on the prevailing rates. The benchmark used to determine an ARM's interest rate after the fixed period is generally either the prime rate or London Interbank Offer Rate (LIBOR).

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

4.44%

4.46%

30-year fixed

3.93%

3.94%

15-year fixed

3.13%

3.14%

30-year fixed refinance

3.91%

3.94%

15-year fixed refinance

3.14%

3.17%

5/1 ARM

3.20%

3.14%

5/1 ARM refinance

3.33%

3.32%

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

Mortgage shoppers are enjoying low rates today, but just five years ago, banks were almost giving money away. For some perspective, here are the average  mortgage rates from May, 2012.

Mortgage Type

Mortgage Rates May 2012

30-year fixed

3.80%

15-year fixed

3.03%

1-year ARM

2.74%

5/1 ARM

2.83%

Data source: Federal Home Loan Mortgage Corporation (Freddie Mac). Rates do not include points.

If you're considering a home equity line of credit (HELOC) or home equity loan, the strong housing market continues to work on your behalf. HELOC rates eased 2 basis points to 5.29%, though equity loan rates crept up a bit to 5.29%. A month ago HELOCs were 5.23% and equity loans 5.31%.


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