Mortgage rates in the U.S. for Monday, Feb. 20, were flat day over day and increased 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 reached a 52-week high of 6.92%, unchanged from the prior day and up 20 basis points from the previous week. (Each 1% of a mortgage rate is made up of 100 basis points.)
The refinance rate for 30-year, fixed-rate loans was 7.01%, down 1 basis point from the previous day and an increase of 15 basis points from the last week.
15-year fixed-rate loans
A 15-year, fixed-rate mortgage averaged 6.17%, a 52-week high, unchanged from the prior day and rising 13 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 6.94%, down 1 basis point from the previous day and rising 18 basis points from the prior 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 5.54%, up 4 basis points from the previous day and up 12 basis points from the same day last week. On Monday, the rate for 5/1 ARMs hit a 52-week high.
FHA and VA loans
The rate for 30-year, Federal Housing Administration-insured mortgages was 5.98%, down 5 basis points from the prior day and up 14 basis points from a week ago. Mortgages backed by the Department of Veterans Affairs reached a rate of 6.20%, down 2 basis points from the prior day and rising 12 basis points from the same day last week.
State-by-state movement
On a state level, Oklahoma saw mortgage rates rise the most day over day, increasing 4 basis points to 7.00%, followed by Idaho with a 3-basis-point increase to 6.99% and Illinois at 6.95%, up 3 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 Bankrate.
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Source: marketwatch.com