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.
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.
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.
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.
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