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Mortgage Rates Remain Stable Despite Fed Rate Hike

There hasn't been much change in rates today; surprisingly, even adjustable-rate mortgages (ARMs) remained pretty stable. Of course, that could, and likely will, change as more lenders raise their prime rates -- the interest they charge their most creditworthy customers -- following the Federal Reserve's recent increase in its benchmark overnight rate for banks and credit unions around the country.

That said, fixed rates edged down overnight across the board, albeit slightly. So far, the recent increase in the Fed's rate and the additional upward revisions expected to come this year haven't had the adverse effect on mortgage rates that some had feared.

For today's home shoppers, here are the current average mortgage rates across the U.S., along with where they stood a month ago. 

Loan Type

Mortgage Rates Today

Mortgage Rates 1 Month Ago

30-year fixed jumbo

4.66%

4.30%

30-year fixed

4.10%

4.04%

15-year fixed

3.25%

3.18%

30-year fixed refi

4.11%

4.08%

15-year fixed refi

3.26%

3.19%

5/1 ARM

3.30%

3.16%

5/1 ARM refi

3.40%

3.32%

Data source: Bloomberg. Rates are national averages and may include points.

Even if mortgage rates begin creeping up, home buyers can take some solace in the fact that rates will likely remain well below the national average of 20 years ago.

Loan Type

March, 1997 Mortgage Rates

30-year fixed

7.89%

15-year fixed

7.40%

1-year ARM

5.64%

Data source: Federal Home Loan Mortgage Corporation (Freddie Mac). Rates are national averages.

For existing homeowners considering a home equity line of credit (HELOC) or equity loan, today offers another bit of good news: Average HELOC rates and equity loans showed little change at 5.14% and 5.21%, respectively. Both equity loan rates remain below last month's respective rates of 5.27% and 5.27%. 

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