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%.
