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HomeMarketMortgage interest rates for Jan. 24 are down

Mortgage interest rates for Jan. 24 are down

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Mortgage rates in the U.S. for Tuesday, Jan. 24, declined from the previous day and dropped from the same time last week, according to data from Bankrate.

30-year fixed-rate loans

The average daily rate for a fixed-rate loan for 30 years was 6.46%, down 5 basis points from 6.51% the previous day and down 10 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 6.58%, a decrease of 2 basis points from the prior day and down 8 basis points from the last week.

15-year fixed-rate loans

A 15-year, fixed-rate mortgage averaged 5.66%, a decrease of 8 basis points from the prior day and a decrease of 14 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 6.51%, down 7 basis points from the prior day and declining 7 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 5.40%, steady from the prior day and down 4 basis points from the same day last week.

FHA and VA loans

The rate for 30-year, Federal Housing Administration-insured mortgages was 5.83%, down 5 basis points from the previous day and flat from the previous week. Mortgages backed by the Department of Veterans Affairs hit a rate of 5.91%, a decrease of 6 basis points from the previous day and declining 7 basis points from the last week.

State-by-state movement

On a state level, Alaska saw mortgage rates rise the most day over day, climbing 8 basis points to 6.83%, followed by Arkansas with a 6-basis-point increase to 6.45% and South Carolina at 6.52%, up 6 basis points.

No states posted 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

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