U.S. mortgage rates for Wednesday, Jan. 18, fell from the previous day and declined from the same time last week, according to data from Bankrate.
30-year fixed-rate loans
The average daily rate for 30-year, fixed-rate mortgages was 6.39%, down 17 basis points from 6.56% the prior day and down 19 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 6.52%, a decrease of 14 basis points from the previous day and down 13 basis points from the previous week.
15-year fixed-rate loans
A 15-year, fixed-rate mortgage averaged 5.64%, a 52-week low, a decrease of 16 basis points from the previous day and down 23 basis points from the prior week.
For jumbo loans, which cover properties that are too pricey for a conventional conforming loan (about $647,000 in most areas), the rate was 6.39%, declining 19 basis points from the previous day and a decrease of 19 basis points from the same day last week.
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 5.41%, declining 3 basis points from the previous day and declining 9 basis points from last week.
FHA and VA loans
The rate for 30-year, Federal Housing Administration-insured mortgages was 5.84%, down 14 basis points from the prior day and down 15 basis points from the same day last week. FHA mortgage rates hit a 52-week low. Mortgages backed by the Department of Veterans Affairs reached a rate of 5.89%, a decrease of 9 basis points from the prior day and a decrease of 9 basis points from the last week.
On a state level, Hawaii saw mortgage rates rise the most day over day, climbing 26 basis points to 6.31%, followed by Arizona with a 24-basis-point increase to 6.36% and New York at 6.34%, up 22 basis points.
No states posted 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.
The advice, recommendations or rankings expressed in this article are those of MarketWatch Picks, and have not been reviewed or endorsed by our commercial partners.