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.
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.
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.
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.
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