Fixed mortgage rates increased for the sixth consecutive week, and remain at a four-month high. The average 30-year fixed rate mortgage climbed from 5.91 percent to 5.96 percent, according to Bankrate’s weekly national survey of large lenders. The 30-year fixed rate mortgages in this week’s survey had an average of 0.38 discount and origination points. The average 15-year fixed mortgage rate increased by the same amount, from 5.51 percent to 5.56 percent, while the average jumbo 30-year fixed rate mortgage rose from 6.1 percent to 6.14 percent. Adjustable rate mortgages were up at a more pronounced pace this week, with the average 5/1 adjustable rate mortgage nudging higher from 5.51 percent to 5.62 percent, and the one-year ARM rising to 4.89 percent from 4.82 percent one week ago. The average one-year adjustable rate is the highest since June 2002.
If you’ve been putting off refinancing your mortgage now is the time to do it while rates are still low.
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