Mortgage Rates Jump Across the Board
The hoped-for easing of rates following Wednesday's decision by the Federal Reserve to hold off on another hike of its benchmark rate hasn't materialized. Mortgage rates shot up across the board by at least 4 basis points (a basis point equals 1/100 of a percent), led by a whopping 6-basis-point jump in the 15-year fixed refinance rate, which now stands at a still-respectable 3.13%.
The increase of 4 to 6 basis points in loan costs is one of the larger daily changes the mortgage market has endured in a long while. Next week's rates bear monitoring to determine if today's hike was a blip on the radar or a precursor of what's to come.
Here are today's average mortgage rates across the U.S., along with where they stood a month ago.
Mortgage Rates Today
Mortgage Rates 1 Month Ago
30-year fixed jumbo
30-year fixed refinance
15-year fixed refinance
5/1 ARM refinance
Data source: Bloomberg. National average rates, which may include points.
Mortgage shoppers are still enjoying relatively low rates, but following today's jump, last year's loans look even more attractive. For some perspective, here are the average mortgage rates from May 2016.
Mortgage Rates, May 2016
Data source: Federal Home Loan Mortgage Corporation (Freddie Mac). Rates do not include points.
For those considering tapping into their home's equity, there's some good news: Both home equity lines of credit (HELOC) and equity loans remained at 5.32% and 5.28%, respectively. A month ago, HELOCs were at 5.20% and equity loans sat at 5.29%.
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