U.S. mortgage rates for Friday, Jan. 6, dropped day over day and fell 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 was 6.61%, down 19 basis points from 6.80% the prior day and down 26 basis points from the same day last week. (Each 1% of a mortgage rate is made up of 100 basis points.)
The refinance rate for 30-year, fixed-rate loans was 6.60%, down 17 basis points from the previous day and down 22 basis points from the last week.
15-year fixed-rate loans
A 15-year, fixed-rate mortgage averaged 6.01%, down 7 basis points from the prior day and an increase of 6 basis points from the previous week.
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 6.60%, a decrease of 22 basis points from the prior day and declining 33 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 5.51%, steady from the prior day and up 2 basis points from last week.
FHA and VA loans
The rate for 30-year, Federal Housing Administration-insured mortgages was 6.02%, down 16 basis points from the previous day and down 22 basis points from the same day last week. FHA mortgage rates hit a 52-week low. Mortgages backed by the Department of Veterans Affairs hit a rate of 5.94%, declining 19 basis points from the previous day and a decrease of 12 basis points from the same day last week.
Editor’s Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Bankrate.
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