Every change in mortgages today was for the better for borrowers, though only slightly. Average rates for various types of home loans eased by 1 basis point (a basis point equals 1/100 of a percent) nearly across the board. The lone exception was the 15-year fixed refinance loan which dropped 2 basis points on the heels of Wednesday's 1 basis point decline, and now sits at an extremely attractive 3.11%.

The short-term loans, both the 15-year refinance and 15-year fixed, remain the lowest-cost options among the various types available.

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

4.46%

4.49%

30-year fixed

3.95%

4.00%

15-year fixed

3.14%

3.14%

30-year fixed refinance

3.93%

4.02%

15-year fixed refinance

3.11%

3.21%

5/1 ARM

3.21%

3.15%

5/1 ARM refinance

3.35%

3.32%

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

Even before today's decreases, home shoppers were enjoying historically low interest rates. For some perspective, here are the average  mortgage rates from way back in May 2002.

Mortgage Type

Mortgage Rates May 2002

30-year fixed

6.81%

15-year fixed

6.28%

1-year ARM

4.79%

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

For current homeowners researching a home equity line of credit (HELOC) or home equity loan, the strong housing market continues to work in your favor. HELOC rates stayed at 5.28%, while equity loan rates dropped a basis point to 5.28%. Last month, HELOCs were 5.23% and equity loans 5.31%.


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