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.
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.
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.
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.
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