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HomeMarketMortgage interest rates for Nov. 24 dropped

Mortgage interest rates for Nov. 24 dropped

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Mortgage rates in the U.S. for Thursday, Nov. 24, dropped day over day and were down 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 6.85%, down 2 basis points from 6.87% the prior day and down 7 basis points from the same day last week. (Each 1% of a mortgage rate is made up of 100 basis points.)

The refinance rate for 30-year, fixed-rate loans was 6.86%, a decrease of 2 basis points from the previous day and down 7 basis points from the same day last week.

15-year fixed-rate loans

A 15-year, fixed-rate mortgage averaged 6.17%, a decrease of 1 basis point from the prior day and a decrease of 9 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 6.87%, down 2 basis points from the prior day and down 6 basis points from the last 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 5.47%, down 1 basis point from the previous day and an increase of 2 basis points from the previous week.

FHA and VA loans

The rate for 30-year, Federal Housing Administration-insured mortgages was 6.14%, down 3 basis points from the prior day and a week ago. Mortgages backed by the Department of Veterans Affairs hit a rate of 6.17%, down 3 basis points from the previous day and declining 14 basis points from the prior week.

State-by-state movement

On a state level, Georgia saw mortgage rates rise the most day over day, climbing 5 basis points to 6.81%, followed by Hawaii with a 4-basis-point increase to 6.71% and Virginia at 6.79%, up 4 basis points.

No states posted declines in mortgage rates on Thursday.


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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