Mortgage rates in the U.S. for Wednesday, Feb. 8, rose from the previous 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 6.62%, up 2 basis points from 6.60% the previous day and up 25 basis points from a week ago. (Each 1% of a mortgage rate is made up of 100 basis points.)
The refinance rate for 30-year, fixed-rate loans was 6.69%, down 3 basis points from the prior day and rising 25 basis points from the prior week.
15-year fixed-rate loans
Mortgages with a 15-year fixed rate averaged 5.86%, up 3 basis points from the prior day and an increase of 19 basis points from the last 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 6.66%, up 1 basis point from the previous day and rising 29 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 previous day and rising 2 basis points from the same day last week.
FHA and VA loans
The rate for 30-year, Federal Housing Administration-insured mortgages was 5.56%, unchanged from the previous day and up 29 basis points from the same day last week. Mortgages backed by the Department of Veterans Affairs hit a rate of 5.96%, flat from the prior day and an increase of 25 basis points from the prior week.
State-by-state movement
On a state level, Missouri saw mortgage rates rise the most day over day, increasing 6 basis points to 6.64%, followed by Utah with a 5-basis-point increase to 6.77% and Nevada at 6.75%, up 4 basis points.
No states saw declines in mortgage rates on Wednesday.
Editor’s Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Bankrate.
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Credit: marketwatch.com