Average mortgage rates declined nearly across the board again today, led by drops of 8 basis point in both the 30-year fixed and 30-year fixed refinance rates. (A basis point equals 1/100 of a percent.) And once again, the 15-year fixed refinance rate changed for the better, easing by 5 basis points for the second straight day. It now sits at 3.04%.
The only exceptions to the many positive changes for would-be borrowers were the ever-so-slight 1 point increases in both the 5/1 adjustable rate mortgage (ARM) and the 5/1 ARM refinance loans.
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 |
4.60% |
4.38% |
|
30-year fixed |
3.84% |
3.83% |
|
15-year fixed |
3.05% |
3.06% |
|
30-year fixed refinance |
3.82% |
3.83% |
|
15-year fixed refinance |
3.04% |
3.07% |
|
5/1 ARM |
3.20% |
3.12% |
|
5/1 ARM refinance |
3.30% |
3.26% |
Data source: Bloomberg. National average rates which may include points.
Current mortgage rates aren't just near historic lows -- many are nearly half what home buyers were subjected to 20 years ago. For some perspective, here are the average mortgage rates from 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 homeowners shopping for a home equity line of credit (HELOC) or an equity loan, the strong housing market across the U.S. continues to work in borrowers' favor. Average HELOC rates eased a basis point to 5.28%, and equity loans remained at 5.27%. Both are slightly below the rates from a month ago, when HELOCs were at 5.30% and equity loans were at 5.29%.
