Mortgage rates in the U.S. for Tuesday, May 16, climbed day over day and climbed from the same time last week, according to data from Bank rate. See the best mortgage rates you may get now here.
30-year fixed-rate loans
The average daily rate for a fixed-rate loan for 30 years was 7.08%, up 4 basis points from 7.04% the prior day and up 9 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 7.24%, steady from the prior day and rising 8 basis points from the same day last week. The refi rate reached a 52-week high.
15-year fixed-rate loans
Mortgages with a 15-year fixed rate averaged 6.34%, a 52-week high, an increase of 1 basis point from the previous day and an increase of 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 7.16%, an increase of 4 basis points from the prior day and rising 5 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 5.70%, a decrease of 3 basis points from the previous day and down 8 basis points from the prior week.
FHA and VA loans
The rate for 30-year, Federal Housing Administration-insured mortgages was 6.14%, up 2 basis points from the previous day and up 1 basis point from a week ago. Mortgages backed by the Department of Veterans Affairs hit a rate of 6.32%, flat from the previous day and down 9 basis points from the prior week.
State-by-state movement
On a state level, Hawaii saw mortgage rates rise the most day over day, climbing 10 basis points to 7.35%, followed by Nebraska with an 8-basis-point increase to 7.12% and Rhode Island at 7.17%, up 7 basis points.
Source: www.marketwatch.com
ENB
Sandstone Group
