Mortgage rates dropped across the board today, led by a 6 basis point (a basis point equals 1/100 of a percent) decline in both the 30-year fixed and 30-year fixed refinance rates.

The good news keeps coming for home buyers considering a jumbo fixed rate alternative -- "jumbo" loans are generally required if you need to borrow more than $417,000, though that varies somewhat depending on individual housing markets -- as the rate on a 30-year fixed jumbo  dropped another 4 basis points. Tacked on to the the previous three days' declines, the rate is now down a cumulative 32 basis points.

The average rates on other loan options all inched downward as well, mostly by 2 to 4 basis points.

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

4.27%

4.46%

30-year fixed

3.82%

3.90%

15-year fixed

3.05%

3.10%

30-year fixed refinance

3.80%

3.90%

15-year fixed refinance

3.04%

3.10%

5/1 ARM

3.19%

3.11%

5/1 ARM refinance

3.28%

3.28%

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

Mortgage rates continue to edge closer to their record lows, particularly when compared with loan costs from a few years back. 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 homeowners considering a home equity line of credit (HELOC) or equity loan, the strong housing market continues to work in their favor. HELOC loans held steady at 5.30% while equity loans eased a point to 5.26%. A month ago, HELOCs were 5.30% and equity loans 5.28%.


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