Digital News Report – Mortgage rates are on the rise again this week. Last week rates were higher than the week before and today that trend is continuing. Higher rates could mean a decline in home prices.
The 30-year fixed rate mortgage is up to 5.25 percent, according to a Bankrate survey. Compare that to 5.15 percent last week. The rate on a 15-year mortgage is also higher: 4.52 percent. A 5/1 ARM is at 4.07. Last week it was below 4 percent.
Interest.com is pegging the rate for a 30-year fixed mortgage at 5.25 percent. A 15-year rat is 4.52 and a Jumbo 15-year rate mortgage is 5.48 percent. A standard 30-year fixed rate jumbo mortgage is now at a 5.95 percent rate. The trend is upward on all of those loans.
eRate found the average national 30-year rate to be 5.053 percent (APR). A 15-year mortgage will cost 4.459 percent. A 5/1 ARM is set at 3.395. Again the trend is higher.
Most experts say the higher rates are due to a recent un-up in bonds.
By: Tina Brown