Mortgage rates once again remained relatively stable after inching up last week. There were a couple of positive changes for prospective home buyers. Shorter term 5 year adjustable rate mortgages (ARMs) and ARM refi loans both declined compared to a week ago. Though with an expected rate increase pending following the Fed gathering this week, adjustable rate mortgages could prove costly down the line.
Here are today's average mortgage rates around the U.S., along with where they stood last month .
For some perspective, here are a few of the national average mortgage rates from 15 years ago.
As the figures above indicate, U.S. mortgage shoppers have enjoyed relatively low rates for the past several years. For some additional perspective, in the early 1980's mortgage rates climbed to a staggering 18% before beginning what has been a relatively steady decline to the low interest rate environment home buyers enjoy today.
For current homeowners wanting to tap into their equity via a home equity line of credit (HELOC) or equity loan, today offers another bit of good news. HELOC rates are down again today though equity loans remained unchanged from yesterday, to 5.18% and 5.22% respectively. However both equity loan rates are more attractive than last month's 5.28% and 5.26%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
