The only change in mortgage rates today was an ever-so-slight easing across nearly all loan types. The 30-year fixed jumbo loan, which had inched up recently, dropped 2 basis points (a basis point equals 1/100 of a percent), erasing recent rate hikes. The jumbo loan's minimum is $417,000, though that can fluctuate upward depending on the local housing market.
The largest decline was the 30-year fixed refinance loan, which dropped 3 basis points to 3.87%. Wednesday's decision by the Federal Reserve to hold off on another benchmark rate increase bodes well for the immediate future, though most expect another bump in June.
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% |
4.50% |
|
30-year fixed |
3.89% |
3.95% |
|
15-year fixed |
3.08% |
3.14% |
|
30-year fixed refinance |
3.87% |
3.96% |
|
15-year fixed refinance |
3.07% |
3.17% |
|
5/1 ARM |
3.15% |
3.13% |
|
5/1 ARM refinance |
3.27% |
3.23% |
Data source: Bloomberg. National average rates, which may include points.
Mortgage shoppers can't complain about today's low rates, but last year homebuyers enjoyed even less costly loans. For some perspective, here are the average mortgage rates from May 2016.
|
Mortgage Type |
Mortgage Rates, May 2016 |
|---|---|
|
30-year fixed |
3.60% |
|
15-year fixed |
2.84% |
|
5/1 ARM |
2.81% |
Data source: Federal Home Loan Mortgage Corporation (Freddie Mac). Rates do not include points.
For those considering tapping into their home's equity, home equity lines of credit (HELOC) are now 5.32%, a drop of a basis point. Equity loans remained at 5.28%. HELOCs are above last month's 5.20%. However, equity loans are now below April's 5.29%.
