Mortgage interest rates are still climbing this week according to a survey of national mortgage lenders. The interest rate for a 30 year fixed rate mortgage this week was 6.15 percent; this is up from last week where the rate was 6.10 percent. Last fall at this time the 30 year rate was 5.64 percent.
The interest rate for a 15 year fixed mortgages is 5.69 percent this week; this is up from last week’s rate of 5.65 percent. This time last fall the 15 year fixed interest rate mortgage was 5.01 percent. The five year hybrid adjustable rate mortgage (ARM) this week is 5.63 percent, which is up from 5.59 percent last week.
A one year adjustable rate mortgage (ARM) is up to 4.91 percent from last week where it was 4.89 percent. Last fall at this time the one year adjustable rate mortgage (ARM) was 3.96%. Home sales have not faltered despite a gloomy outlook from industry analysts. Mortgage applications are down in October due in part to rising mortgage interest rates.
My name is Rob Regehr and I’m a personal finance writer with a chip on my shoulder for banks and brokers that take advantage of my friends and neighbors.
