U.S. mortgage rates for Monday, Jan. 30, rose from the previous day and were flat 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 6.51%, up 3 basis points from 6.48% the prior day and flat 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 6.55%, a decrease of 1 basis point from the previous day and declining 5 basis points from the previous week.
15-year fixed-rate loans
Mortgages with a 15-year fixed rate averaged 5.70%, up 3 basis points from the prior day and a decrease of 4 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 6.55%, rising 3 basis points from the prior day and a decrease of 3 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 5.37%, steady from the previous day and down 3 basis points from the previous week.
FHA and VA loans
The rate for 30-year, Federal Housing Administration-insured mortgages was 5.88%, up 7 basis points from the previous day and down 14 basis points from the previous week. Mortgages backed by the Department of Veterans Affairs reached a rate of 5.83%, steady from the previous day and declining 14 basis points from the prior week.
State-by-state movement
On a state level, California saw mortgage rates rise the most day over day, increasing 6 basis points to 6.57%, followed by Florida with a 5-basis-point increase to 6.51% and Rhode Island at 6.55%, up 5 basis points.
No states saw declines in mortgage rates on Monday.
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