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.
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.
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.
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.
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