U.S. mortgage rates for Tuesday, Nov. 22, declined from the previous day and fell 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 6.88%, down 4 basis points from 6.92% the previous day and down 13 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 6.95%, declining 4 basis points from the previous day and a decrease of 2 basis points from the previous week.
15-year fixed-rate loans
A 15-year, fixed-rate mortgage averaged 6.23%, a decrease of 2 basis points from the prior day and down 6 basis points from the prior week.
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 6.90%, declining 4 basis points from the prior day and a decrease of 10 basis points from the last 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%, rising 1 basis point from the previous day and a decrease of 7 basis points from the prior week.
FHA and VA loans
The rate for 30-year, Federal Housing Administration-insured mortgages was 6.11%, down 2 basis points from the previous day and up 4 basis points from seven days prior. Mortgages backed by the Department of Veterans Affairs reached a rate of 6.34%, declining 3 basis points from the prior day and rising 3 basis points from the same day last week.
On a state level, Nevada saw mortgage rates rise the most day over day, climbing 9 basis points to 6.98%, followed by Mississippi with an 8-basis-point increase to 6.96% and Delaware at 6.78%, up 7 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.
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.