Daily Real Estate News  |  June 7, 2007
30-Year Fixed Mortgage Rates Rise Again
Mortgage rates increased for the sixth consecutive week, with the average 30-year fixed rate hitting a 10-month high of 6.61 percent, according to Bankrate.com's weekly national survey of large lenders.

The average 15-year fixed rate mortgage, popular for refinancing, increased by a similar amount, to 6.33 percent. With larger loans, the average jumbo 30-year fixed rate climbed to 6.86 percent. Even adjustable rate mortgages were in on the act, with the average one-year ARM rising to 6.17 percent and the 5/1 ARM jumping to 6.52 percent.

Mortgage rates continue to climb in response to strong economic data and indication from the Federal Reserve that lower interest rates are not in the forecast, Bankrate said in its weekly report.

Fixed mortgage rates have increased nearly one-half percentage point since mid-March. At the time, the average 30-year fixed mortgage rate dipped to 6.16 percent, meaning that a $165,000 loan would have carried a monthly payment of $1,006.30. With the average 30-year fixed rate now 6.61 percent, the same loan originated today would carry a monthly payment of $1,054.88. Fixed mortgage rates still remain a compelling refinancing alternative for adjustable rate borrowers facing sharp payment adjustments.

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