Mortgage rates in the U.S. for Thursday, Feb. 2, fell from the previous 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 reached a 52-week low of 6.36%, down 1 basis point from 6.37% the prior day and down 12 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 6.42%, declining 2 basis points from the prior day and down 14 basis points from the previous week.
15-year fixed-rate loans
Mortgages with a 15-year fixed rate averaged 5.54%, a 52-week low, down 13 basis points from the prior day and down 10 basis points from the last week.
Jumbo mortgages
For jumbo loans, which cover properties that are too pricey for a conventional conforming loan (about $647,000 in most areas), the rate was 6.37%,
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 5.36%, a decrease of 1 basis point from the previous day and declining 1 basis point from the previous week.
FHA and VA loans
The rate for 30-year, Federal Housing Administration-insured mortgages was 5.70%, down 4 basis points from the previous day and down 18 basis points from the same day last week. FHA mortgage rates hit a 52-week low. Mortgages backed by the Department of Veterans Affairs hit a 52-week low rate of 5.65%, down 6 basis points from the previous day and a decrease of 18 basis points from the previous week.
State-by-state movement
On a state level, Hawaii and Alaska posted the largest day-over-day increase in mortgage rates, increasing 6 basis points each to 6.27% and 6.60%, respectively. California rounded out the top three increases at 6.36%, up 5 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.
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Credit: marketwatch.com