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U.S. mortgage rates for Wednesday, May 10, were flat day over day and increased 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 30-year, fixed-rate mortgages was 6.99%, unchanged from the previous day and up 14 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 7.17%, rising 1 basis point from the previous day and an increase of 9 basis points from the last week.
15-year fixed-rate loans
A 15-year, fixed-rate mortgage averaged 6.28%, steady from the previous day and up 12 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 7.05%, a decrease of 6 basis points from the previous day and rising 11 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 5.73%, a decrease of 5 basis points from the prior day and down 3 basis points from the prior week.
FHA and VA loans
The rate for 30-year, Federal Housing Administration-insured mortgages was 5.80%, down 26 basis points from the prior day and up 8 basis points from a week ago. Mortgages backed by the Department of Veterans Affairs hit a rate of 6.15%, down 26 basis points from the previous day and an increase of 11 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 10 basis points to 7.20%, followed by Hawaii with an 8-basis-point increase to 7.20% and West Virginia at 6.97%, up 6 basis points.
No states saw declines in mortgage rates on Wednesday.
Editor’s Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Bankrate.
Source: marketwatch.com