30-Year Mortgages Inch Up This Week
A jump in interest rates has ended a three-week run in lower borrowing costs, reports Freddie Mac. According to the mortgage finance giant, the average interest on 30-year fixed loans rose to 6.62 percent this week from 6.59 percent last week.
Meanwhile, the rate for the 15-year fixed mortgages, which are common in refinances, floated up to 6.3 percent from 6.25 percent over the one-week period. Also on the rise were five-year adjustable-rate mortgages, which nudged up to 6.35 percent from 6.33 percent, and one-year ARMs, which bumped up to 5.67 percent from 5.65 percent.
Source: San Jose Mercury News (Calif.), Martin Crutsinger (08/17/07)