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Mortgage Interest Rates Break 6.1%

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Mortgage interest rates for the 30 year fixed rate loan rose again, finishing the week at 6.1 percent, according to a national mortgage lender. The 30 mortgage interest rates has not been this high since July of 2004, when mortgage interest rates averaged 6.21 percent. Last week the 30 year mortgage averaged 6.03 percent.

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Fifteen year mortgage loans also rose this week to 6.65%; this is up from 5.62 percent the week before. One year adjustable rate mortgages (ARM) are up to 4.89 percent this week from 4.85 last week. Last fall at this time the 30 year fixed rate mortgage was 5.69%, the one year adjustable rate mortgage (ARM) was 4.02%, and a 15 year mortgage ran 5.07%.

Despite the jump in mortgage interest rates, mortgage applications are up along with construction of new homes. Home construction is up 3.4% last month, and the rate of permits being issued for new building is at a 30 year high according to the Commerce Department. A survey of national lenders this week stated the volume of mortgage applications this week increased 6.1%. Mortgage lenders typically charge an additional .5% in lender fees on a 30 year mortgage. This is down from .6% the week before. Fees and points on a 15 year mortgage loan remain at .6% which is unchanged from last week. Lenders fees for the one year adjustable rate mortgage (ARM) also increased to .7%; this is up from .6% the last week.

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