U.S. mortgage rates for Monday, May 22, were flat day over day and were up from the same time last week, according to data from Bankrate. 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 reached a 52-week high of 7.17%, unchanged from the prior day and up 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 7.20%, a decrease of 6 basis points from the previous day and down 4 basis points from the previous week.
15-year fixed-rate loans
Mortgages with a 15-year fixed rate averaged 6.48%, a 52-week high, an increase of 5 basis points from the prior day and rising 15 basis points from the previous week.
Jumbo mortgages
For jumbo loans, which cover properties that are too pricey for a conventional conforming loan (about $647,000 in most areas), the rate was 7.23%, down 3 basis points from the prior day and rising 11 basis points from the same day 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 5.80%, a decrease of 1 basis point from the previous day and up 7 basis points from the previous week.
FHA and VA loans
The rate for 30-year, Federal Housing Administration-insured mortgages was 6.13%, up 6 basis points from the previous day and up 19 basis points from the previous week. Mortgages backed by the Department of Veterans Affairs reached a rate of 6.41%, rising 2 basis points from the prior day and rising 9 basis points from the prior week.
State-by-state movement
On a state level, Wyoming saw mortgage rates rise the most day over day, increasing 13 basis points to 7.31%, followed by New York with an 8-basis-point increase to 7.08% and Wisconsin at 6.91%, up 7 basis points.
No states saw declines in mortgage rates on Monday.
Editor’s Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Bank rate.
Source: www.marketwatch.com
ENB
Sandstone Group
