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These are the latest mortgage rates — and they are down from this time last week

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U.S. mortgage rates for Wednesday, December 7, fell 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 6.61%, down 15 basis points from 6.76% the previous day and down 13 basis points from a week ago. (Each 1% of a mortgage rate is made up of 100 basis points.)

The refinance rate for 30-year, fixed-rate loans was 6.62%, declining 25 basis points from the previous day and a decrease of 24 basis points from the previous week. The refi rate reached a 52-week low.

15-year fixed-rate loans

A 15-year, fixed-rate mortgage averaged 5.94%, declining 11 basis points from the previous day and down 13 basis points from the previous 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 6.60%, declining 18 basis points from the prior day and down 15 basis points from the previous 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 5.42%, down 1 basis point from the prior day and down 3 basis points from last week.

FHA and VA loans

The rate for 30-year, Federal Housing Administration-insured mortgages was 6.00%, down 10 basis points from the prior day and down 5 basis points from seven days prior. Mortgages backed by the Department of Veterans Affairs reached a rate of 6.04%, a decrease of 16 basis points from the previous day and declining 2 basis points from the previous week.

State-by-state movement

On a state level, Alaska saw mortgage rates rise the most day over day, increasing 21 basis points to 6.82%, followed by North Carolina with a 20-basis-point increase to 6.60% and Hawaii at 6.61%, up 19 basis points.

No states posted 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.

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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