Mortgage rates in the U.S. for Tuesday, Feb. 14, increased from the previous day and were up 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 6.77%, up 5 basis points from 6.72% the prior day and up 17 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 6.91%, an increase of 5 basis points from the previous day and up 19 basis points from the last week. The refi rate reached a 52-week high.
15-year fixed-rate loans
Mortgages with a 15-year fixed rate averaged 6.08%, a 52-week high, up 4 basis points from the previous day and up 25 basis points from the last week.
For jumbo loans, which cover properties that are too pricey for a conventional conforming loan (about $647,000 in most areas), the rate was 6.82%, an increase of 6 basis points from the prior day and up 17 basis points from the prior 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 5.45%, an increase of 3 basis points from the prior day and an increase of 6 basis points from the same day last week.
FHA and VA loans
The rate for 30-year, Federal Housing Administration-insured mortgages was 5.85%, up 7 basis points from the prior day and up 20 basis points from seven days prior. Mortgages backed by the Department of Veterans Affairs hit a rate of 6.20%, rising 12 basis points from the prior day and up 24 basis points from the last week.
On a state level, Alaska saw mortgage rates rise the most day over day, climbing 13 basis points to 7.17%, followed by Kentucky with a 9-basis-point increase to 6.78% and Nevada at 6.87%, up 9 basis points.
No states saw 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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