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 June 08, 2007

Mortgage Rate Rises Again
Rates increased for the 6th week in a row. The average 30 year fixed rate mortgage has hit a 10 month high of 6.61%
Average rate of a 15 year fixed rate mortgage (popular for refinancing needs) has increased by a similar amount, reaching 6.63% Jumbo 30 year fixed rate mortgages have reached 6.86% Adjustable rate mortgages (ARMs) have also followed suit. The rate on a one year ARM reached 6.17% and the 5/1 Adjustable rate mortgage climbed to 6.52%

Fixed rate mortgages have gone up nearly ½ percentage point since the middle of March. At that time, average rates on 30 fixed mortgages had dropped to 6.16% this meant that a $165,000 loan amount would have required a monthly payment amount of $1,006.30. At 6.61%, the payment is now up to $1,054.88. Fixed rate mortgages continue to be the loan of choice for borrowers over the unpredictable ARMs.

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