Mortgage interest rates crept up again this week. Traditional fixed 30 year mortgages averaged 6.28 percent this week according to a survey of one national lender. At this time last year this mortgage interest rate was 5.62 percent.
Fifteen year fixed rate mortgages are also up this week to 5.91 percent. Fifteen year mortgages are popular with homeowner looking to refinance their current loans. Last week this mortgage averaged 5.83%
Five year hybrid adjustable rate mortgages are up to 5.95 percent from 5.89 percent last week. At this time last year the five year hybrid was 5.05 percent. One year adjustable rate mortgages are up to 5.36 percent from 5.34 percent last week. At this time last year the one year adjustable rate mortgage was 4.15 percent.
One year adjustable rate mortgage interest rates are very sensitive to market conditions and are reacting to recent interest rate hikes made by the Federal Reserve.
My name is Robert Regehr and I’m a personal finance blogger with a chip on my shoulder for banks and mortgage brokers that take advantage of my friends and neighbors.
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