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Digital News Report – Depending on the term of the loan, mortgage interest rates were both up and down today. The 30-year fixed rate mortgages were higher reaching 5.06 percent compared to last week’s rate of 5.03 percent.
If you want a 15-year fixed rate mortgage the rate is lower than last week by a hundredth of a percent. The rate today is 4.36 percent.
The rate on the 5/1 adjustable rate mortgages was up slightly too. According to a Bankrate survey the cost today is 3.92 percent compared to 3.90 percent last week. This initial rate will only last for five years and will be adjusted every year after that.
The rate of an adjustable loan may be tied to a variety of indexes including the 11th District Cost of Funds Index (COFI), the London Interbank Offered Rate (LIBOR) or the 12-month Treasury Average Index (MTA). If that rate goes up your rate will go up.
Of course your rate may be different than the one displayed above. Variable include your credit history, loan amount and location.
By: Tina Brown
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