Mortgage rates in the U.S. for Tuesday, Feb. 21, rose from the previous day and rose 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 hit a 52-week high of 7.04%, up 12 basis points from 6.92% the prior day and up 27 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 7.13%, an increase of 12 basis points from the prior day and an increase of 22 basis points from the last week. The refi rate reached a 52-week high.
15-year fixed-rate loans
Mortgages with a 15-year fixed rate averaged 6.29%, a 52-week high, an increase of 12 basis points from the prior day and up 21 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 hit a 52-week high of 7.07%, an increase of 13 basis points from the prior day and rising 25 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 5.57%, rising 3 basis points from the previous day and an increase of 12 basis points from last week. On Tuesday, the rate for 5/1 ARMs hit a 52-week high.
FHA and VA loans
The rate for 30-year, Federal Housing Administration-insured mortgages was 6.05%, up 19 basis points from the prior day and up 26 basis points from seven days prior. Mortgages backed by the Department of Veterans Affairs reached a 52-week high rate of 6.38%, an increase of 18 basis points from the previous day and rising 18 basis points from the prior week.
On a state level, Florida saw mortgage rates rise the most day over day, climbing 17 basis points to 7.09%, followed by Arizona with a 15-basis-point increase to 7.08% and Alaska at 7.40%, up 15 basis points.
No states posted declines in mortgage rates on Tuesday.
Editor’s Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Bankrate.
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