Mortgage interest rates for a traditional 30 year fixed rate mortgage crept up to the highest levels in four years this week. A fixed 30 year mortgage averages 56.54% this week. It has not been this high since the summer of 2002.
This week 15 year fixed rate mortgages are also up; a fixed rate 15 year mortgage averages 6.17%; this is up from 6.14% last week.
A one year adjustable rate mortgage averages 5.63% this week; this is up from 5.63% last week. Five year hybrid adjustable rate mortgages average 6.16 this week. Five year hybrid mortgages averaged 6.13% last week.
Mortgage interest rates are up this week amid inflationary fears and concerns over spiraling energy costs.
if a broker says he has a rate of 4.5, is it assumed that there is a corresponding higher APR with it. What is APR? Another lender, Quicken has a lower rate than the broker 4.275 with an APR that is higher than the broker's quoted 4.5. Do I assume the broker's 4.5% has an APR even higher than the second Quicken quote? I have read and read and cannot find a clue as to where to find a broker who will do this fairly (without shenanigans to pay for hummers and vacations in Tahiti). Where do I start to find such a person?