Mortgage rates generally were little changed today, and what movements there were benefited would-be home buyers. Once again, the 15-year fixed refinance rate moved the most, this time dropping 5 basis points (a basis point equals 1/100 of a percent) to 3.09%, more than erasing Tuesday's 0.04% increase.

Most other mortgage rates inched down by a single basis point on average or remained static.

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

4.63%

4.38%

30-year fixed

3.92%

3.87%

15-year fixed

3.11%

3.05%

30-year fixed refinance

3.90%

3.87%

15-year fixed refinance

3.09%

3.06%

5/1 ARM

3.19%

3.16%

5/1 ARM refinance

3.29%

3.29%

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

Mortgages remain extremely attractive thanks to the low-interest environment home buyers have enjoyed for the past several years. How attractive? For some perspective, here are the average mortgage rates from back in May 2007.

Mortgage Type

Mortgage Rates May 2007

30-year fixed

6.26%

15-year fixed

5.97%

1-year ARM

5.92%

5/1 ARM

5.98%

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

For current homeowners in the market for home equity lines of credit (HELOC) or equity loans, the strong housing market across the U.S. continues to work in their favor. HELOC rates stayed even at 5.29%, while equity loan rates eased marginally to 5.27%. Last month HELOC rates were 5.26% and equity loan rates averaged 5.30%.


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