More good news to share today: Mortgage rates are on the decline again, though they're only modestly lower than they were yesterday. One of the biggest declines was in the average 30-year fixed-rate mortgage rate, which dropped from 3.87% to 3.83%. Adjustable-rate mortgage (ARMs) rates also headed south today.
The 5/1 ARM, which jumped 0.04% yesterday to 3.16%, gave up that gain and is back to where it started the week. The 5/1 ARM offers a fixed rate for five years, then adjusts based on the prevailing rates.
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 |
4.38% |
4.65% |
|
30-year fixed |
3.83% |
4.09% |
|
15-year fixed |
3.06% |
3.25% |
|
30-year fixed refinance |
3.83% |
4.09% |
|
15-year fixed refinance |
3.07% |
3.25% |
|
5/1 ARM |
3.12% |
3.28% |
|
5/1 ARM refinance |
3.26% |
3.36% |
Data source: Bloomberg. National average rates which may include points.
For those of us who've been around a while, remember what rates were like 15 years ago? Compared to today, mortgage rates in 2002 were borderline criminal. For some perspective, here are a few of the rates as of April 2002.
|
Mortgage Type |
Mortgage Rates April 2012 |
|---|---|
|
30-year fixed |
6.99% |
|
15-year fixed |
6.48% |
|
1-year ARM |
4.96% |
Data source: Freddie Mac. Rates do not include points.
For existing homeowners looking into a home equity line of credit (HELOC) or equity loan, a bit of a change in rates today. HELOC rates creeped up to 5.30%, while equity loan rates dropped 0.01% to 5.29%. Both equity loans remain above March's respective rates of 5.13% and 5.21%.
