Little to no news was good news on the mortgage front today. After ending last week on an upswing, most rates either eased a basis point (a basis point equals 1/100 of a percent) or remained unchanged. The lone exception was the 5/1 adjustable-rate mortgage (ARM), which jumped 3 basis points to 3.22%.
The 5/1 ARM offers homebuyers a fixed rate for five years, then adjusts based on the prevailing rates at the end of the fixed period. The benchmark used to determine an ARM's interest after the fixed period is generally either the prime rate or the London Interbank Offered Rate (LIBOR).
Here are today's average mortgage rates across the U.S., along with where they stood a month ago.
Mortgage Rates Today
Mortgage Rates 1 Month Ago
30-year fixed jumbo
30-year fixed refinance
15-year fixed refinance
5/1 ARM refinance
Mortgage shoppers are enjoying exceedingly low rates compared to what homebuyers faced at the turn of the century. For some perspective, here are the average mortgage rates from May 2000.
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Mortgage Rates, May 2000
For folks considering a home equity line of credit (HELOC) or equity loan, the strong housing market continues to work wonders. HELOC rates eased 1 basis point to 5.31%, and equity loan rates stayed at 5.28%. A month ago, HELOCs were 5.20% and equity loans 5.29%.
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