Contrary to Thursday, when rates decreased across the board, the polar opposite occurred today. Most rates increased by 2 or 3 basis points (a basis point equals 1/100 of a percent), though there were exceptions. The 30-year fixed loan remained unchanged, the only loan type to stay the course.
In one of the largest one-day pops in recent memory, the 15-year fixed refinance loan soared a whopping 14 basis points on the heels of yesterday's 1-basis-point drop and now sits at 3.25%.
After today's rate increases, last month's loans are lower than current rates for the first time in weeks.
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 |
4.46% |
4.44% |
|
30-year fixed |
3.97% |
3.91% |
|
15-year fixed |
3.17% |
3.11% |
|
30-year fixed refinance |
3.96% |
3.91% |
|
15-year fixed refinance |
3.25% |
3.13% |
|
5/1 ARM |
3.25% |
3.14% |
|
5/1 ARM refinance |
3.37% |
3.32% |
Data source: Bloomberg. National average rates, which may include points.
Despite today's rate jumps, home shoppers are still enjoying historically low rates. For some perspective, here are the average mortgage rates from way back in May 1997.
|
Mortgage Type |
Mortgage Rates, May 1997 |
|---|---|
|
30-year fixed |
7.94% |
|
15-year fixed |
7.47% |
|
1-year ARM |
5.81% |
Data source: Federal Home Loan Mortgage Corporation (Freddie Mac). Rates do not include points.
For existing homeowners in the market for a home equity line of credit (HELOC) or equity loan, the strong housing market continues to work wonders. HELOC rates stayed at 5.28%, while equity loan rates rose a single basis point to 5.29%. Last month, HELOCs were 5.24% and equity loans 5.30%.
