Mortgage rates started the week similar to the way they ended on Friday, with only a couple of minor changes. Other than a basis point (a basis point equals 1/100 of a percent) here and there, most loan costs stayed the course.
Two minor exceptions to the stable rates were the 30-year fixed refinance loan, which inched up 3 points, while the 5/1 adjustable-rate mortgage (ARM) dropped 0.03% and now sits at 3.16%. Most loan costs remained fairly competitive compared to a month ago, which bodes well for the immediate future.
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 |
4.60% |
4.38% |
|
30-year fixed |
3.85% |
3.81% |
|
15-year fixed |
3.07% |
3.03% |
|
30-year fixed refinance |
3.83% |
3.80% |
|
15-year fixed refinance |
3.06% |
3.03% |
|
5/1 ARM |
3.16% |
3.15% |
|
5/1 ARM refinance |
3.25% |
3.30% |
Data source: Bloomberg. National average rates, which may include points.
Today's mortgage rates are awfully attractive, and look even better compared to what homebuyers faced 10 years ago. For some perspective, here are the average mortgage rates from May 2007.
|
Mortgage Type |
Mortgage Rates, May 2007 |
|---|---|
|
30-year fixed |
6.26% |
|
15-year fixed |
5.97% |
|
1-year ARM |
5.52% |
|
5/1 ARM |
5.98% |
Data source: Federal Home Loan Mortgage Corporation (Freddie Mac). Rates do not include points.
For current homeowners looking into a home equity line of credit (HELOC) or equity loan, the strong housing market continues to work wonders. The HELOC rate rose a single basis point on the heels of Friday's decrease, and now sits at 5.28%. Equity loans once again stayed at 5.27%. Both loans remain below last month's rates, when both HELOCs and equity loans were at 5.30%.
