U.S. mortgage rates for Tuesday, Jan. 31, declined day over day and dropped 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 6.42%, down 9 basis points from 6.51% the previous day and down 4 basis points from the previous week. (Each 1% of a mortgage rate is made up of 100 basis points.)
The refinance rate for 30-year, fixed-rate loans was 6.49%, a decrease of 6 basis points from the previous day and a decrease of 9 basis points from the same day last week.
15-year fixed-rate loans
Mortgages with a 15-year fixed rate averaged 5.72%, up 2 basis points from the prior day and rising 6 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 6.46%, down 9 basis points from the previous day and declining 5 basis points from the same day 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 5.37%, flat from the previous day and down 3 basis points from the same day last week.
FHA and VA loans
The rate for 30-year, Federal Housing Administration-insured mortgages was 5.83%, down 9 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 reached a 52-week low rate of 5.76%, declining 7 basis points from the prior day and a decrease of 15 basis points from the last week.
State-by-state movement
On a state level, Rhode Island saw mortgage rates rise the most day over day, increasing 13 basis points to 6.42%, followed by Alaska with a 12-basis-point increase to 6.64% and California at 6.45%, up 12 basis points.
No states posted declines in mortgage rates on Tuesday.
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