Similar to Tuesday, interest rates for most types of home loans didn't shift very far for the most part on Wednesday, moving by just 1 or 2 basis points -- with three significant exceptions. (A basis point equals 1/100 of a percent.) Home buyers considering a jumbo fixed rate mortgage -- a "jumbo" loan is generally required to borrow more than $417,000, though the ceiling for standard loans is higher in certain expensive markets -- received more good news, and folks in the market for a 5/1 adjustable rate mortgage (ARM) were also on the right end of significant changes.

The 30-year fixed jumbo rate nosedived 11 points on the heels of yesterday's 17 basis point decline. The 5/1 ARM erased nearly all of Tuesday's increase, dropping 18 basis points. A similar "correction" applied to the 5/1 ARM refinance, which sank 11 basis points to 3.28% following Tuesday's 14 basis point increase.

Here are all of 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

4.32%

4.39%

30-year fixed

3.87%

3.85%

15-year fixed

3.08%

3.05%

30-year fixed refinance

3.85%

3.85%

15-year fixed refinance

3.05%

3.07%

5/1 ARM

3.18%

3.11%

5/1 ARM refinance

3.28%

3.27%

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

Just how good are today's loan rates? For comparison, here are the average  mortgage rates from 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 equity loan, the strong housing market continues to work in your favor. HELOC rates inched up, but remain attractive at 5.30%. Equity loan rates stayed at 5.27%. A month ago, both HELOCs and equity loans were 5.30%.


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