Most mortgage rates stood pat today, though for home buyers in search of larger loans, there was some good news: Rates on 30-year fixed jumbo loans dropped 3 basis points (a basis point equals 1/100 of a percent). "Jumbo" is generally defined as a home loan for more than $417,000, though that figure can fluctuate upwards depending on the local housing market.
The slow but steady increases in rates we saw for most of last week have now been erased with the third straight business day of easing.
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 |
4.40% |
4.55% |
|
30-year fixed |
3.90% |
3.99% |
|
15-year fixed |
3.10% |
3.18% |
|
30-year fixed refinance |
3.90% |
4.00% |
|
15-year fixed refinance |
3.08% |
3.20% |
|
5/1 ARM |
3.17% |
3.17% |
|
5/1 ARM refinance |
3.27% |
3.27% |
Data source: Bloomberg. National average rates which may include points.
As attractive as rates are today, folks in search of a new home were enjoying even lower rates five years ago. For some perspective, here are the average mortgage rates from May, 2012.
|
Mortgage Type |
Mortgage Rates May 2012 |
|---|---|
|
30-year fixed |
3.80% |
|
15-year fixed |
3.03% |
|
1-year ARM |
2.74% |
|
5/1 ARM |
2.83% |
Data source: Federal Home Loan Mortgage Corporation (Freddie Mac). Rates do not include points.
For homeowners considering tapping into their home's equity, home equity lines of credit (HELOC) edged up 3 basis points, though equity loans held steady. Both rates remain above last month's 5.19% and 5.29%, respectively, but at 5.33% and 5.29%, are still relatively attractive.
