There were few changes in mortgage rates to kick off the week. What little changes there were included a swing of a mere 1 basis point (a basis point equals 1/100 of a percent) in the 30-year fixed rate, which edged down a notch, along with a slight bump in the 15-year fixed refinance loan, which inched up 2 points.
Most of today's rates continue to compare favorably with last month's, other than adjustable-rate mortgages (ARMs), which are slightly higher but are still awfully attractive.
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 |
4.27% |
4.43% |
|
30-year fixed |
3.81% |
3.89% |
|
15-year fixed |
3.05% |
3.10% |
|
30-year fixed refinance |
3.79% |
3.87% |
|
15-year fixed refinance |
3.06% |
3.08% |
|
5/1 ARM |
3.21% |
3.16% |
|
5/1 ARM refinance |
3.28% |
3.27% |
Data source: Bloomberg. National average rates, which may include points.
Today's mortgage rates remain near historical lows, but homebuyers were enjoying even less costly loans just a few years ago. For some perspective, here are the average mortgage rates from May 2014.
|
Mortgage Type |
Mortgage Rates, May 2014 |
|---|---|
|
30-year fixed |
4.19% |
|
15-year fixed |
3.29% |
|
1-year ARM |
2.43% |
|
5/1 ARM |
3.01% |
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 gave a boost to the latter, though HELOCs climbed 4 basis points to 5.34% Equity loan rates eased 2 points and now sit at 5.24%. A month ago, HELOCs were at 5.30% and equity loans at 5.28%.
