Most mortgage rates inched up today, led by a jump of five basis points — a basis point equals 1/100 of a percent — in the 15-year fixed refinance rate to 3.08%. Adjustable-rate loans bucked the trend and actually declined, both fairly significantly.
The 5/1 adjustable-rate mortgage (ARM) and 5/1 ARM refinance rates each dropped five basis points. The 5/1 ARM offers a fixed rate for five years, then adjusts based on the prevailing rates following the fixed period.
Here are today’s average mortgage rates across the U.S., along with where they stood a month ago.