Mortgage rates in the U.S. for Tuesday, Jan. 10, increased day over day and were down from the same time last week, according to data from Bankrate.
30-year fixed-rate loans
The average daily rate for 30-year, fixed-rate mortgages was 6.65%, up 14 basis points from 6.51% the previous day and down 18 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 6.69%, rising 18 basis points from the previous day and a decrease of 8 basis points from the same day last week.
15-year fixed-rate loans
A 15-year, fixed-rate mortgage averaged 5.91%, rising 2 basis points from the prior day and down 2 basis points from the prior 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 6.65%, an increase of 17 basis points from the previous day and down 23 basis points from the 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 5.50%, declining 1 basis point from the prior day and flat from last week.
FHA and VA loans
The rate for 30-year, Federal Housing Administration-insured mortgages was 6.02%, up 12 basis points from the previous day and down 13 basis points from seven days prior. Mortgages backed by the Department of Veterans Affairs reached a rate of 6.04%, rising 15 basis points from the previous day and up 6 basis points from the previous week.
State-by-state movement
On a state level, Alaska saw mortgage rates rise the most day over day, climbing 30 basis points to 6.96%, followed by Nevada with a 23-basis-point increase to 6.80% and Hawaii at 6.74%, up 22 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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Source: news.google.com