Mortgage rates in the U.S. for Tuesday, Feb. 7, dropped day over day and climbed from the same time last week, according to data from Bankrate.
30-year fixed-rate loans
The average daily rate for 30-year, fixed-rate mortgages was 6.60%, down 5 basis points from 6.65% the prior day and up 18 basis points from seven days prior. (Each 1% of a mortgage rate is made up of 100 basis points.)
The refinance rate for 30-year, fixed-rate loans was 6.72%, declining 3 basis points from the prior day and an increase of 23 basis points from the previous week.
15-year fixed-rate loans
A 15-year, fixed-rate mortgage averaged 5.83%, up 4 basis points from the previous day and up 11 basis points from the previous week.
Jumbo mortgages
For jumbo loans, which cover properties that are more expensive than those under a conventional conforming loan (about $647,000 in most areas), the rate was 6.65%, down 7 basis points from the prior day and up 19 basis points from the prior week.
ARMs
As for 5/1 adjustable-rate mortgages, which carry a fixed rate for five years that can then rise or fall each year after, the average was 5.39%, unchanged from the prior day and rising 2 basis points from last week.
FHA and VA loans
The rate for 30-year, Federal Housing Administration-insured mortgages was 5.65%, up 1 basis point from the previous day and up 20 basis points from the same day last week. Mortgages backed by the Department of Veterans Affairs hit a rate of 5.96%, up 3 basis points from the previous day and up 20 basis points from the previous week.
State-by-state movement
On a state level, Alaska saw mortgage rates rise the most day over day, climbing 10 basis points to 6.94%, followed by Nevada with a 9-basis-point increase to 6.70% and Alabama at 6.70%, up 9 basis points.
No states saw declines in mortgage rates on Tuesday.
Editor’s Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Bankrate.
The advice, recommendations or rankings expressed in this article are those of MarketWatch Picks, and have not been reviewed or endorsed by our commercial partners.
Credit: marketwatch.com