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HomeMarketMortgage interest rates for Nov. 23 fell

Mortgage interest rates for Nov. 23 fell

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Mortgage rates in the U.S. for Wednesday, Nov. 23, dropped day over day and declined 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 6.87%, down 1 basis point from 6.88% the prior day and down 2 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 6.88%, declining 7 basis points from the previous day and a decrease of 3 basis points from the last week.

15-year fixed-rate loans

A 15-year, fixed-rate mortgage averaged 6.18%, declining 5 basis points from the prior day and down 8 basis points from the same day 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 6.89%, down 1 basis point from the prior day and an increase of 1 basis point from the previous 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 5.48%, rising 3 basis points from the prior day and declining 4 basis points from the previous week.

FHA and VA loans

The rate for 30-year, Federal Housing Administration-insured mortgages was 6.08%, down 1 basis point from the previous day and up 6 basis points from the same day last week. Mortgages backed by the Department of Veterans Affairs hit a rate of 6.20%, declining 14 basis points from the previous day and down 9 basis points from the last week.

State-by-state movement

On a state level, Hawaii saw mortgage rates rise the most day over day, climbing 12 basis points to 6.75%, followed by Montana with an 8-basis-point increase to 7.01% and Virginia at 6.82%, up 7 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.

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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