Mortgage interest rates rose this week for the second consecutive week. According to a survey of national mortgage lenders both 30 and 15 year fixed interest rate mortgages are on the rise.
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Interest rates for 30 year fixed rate mortgages average 6.43% this week. This is up from 6.35% last week. A 15 year fixed rate mortgage is averaging 6.10%. This is up from 6% last week and the highest this interest rate has been since the summer of 2002.
Adjustable rate mortgage interest rates are up this week as well. A one year adjustable rate mortgage averages 5.57% this week, up form 5.51% last week.
At this time last year a 30 year mortgage was 5.93%. A 15 year fixed rate mortgage was 5.48%, and the one year adjustable rate mortgage averaged 4.23%.
Interest rates are up as the result of high energy costs and inflationary concerns with the US economy. Fear of inflation causes mortgage interest rate hikes. Mortgage industry analysts predict the Federal Reserve will continue to raise short term interest rates to battle inflation. The Federal Reserve raised short term interest rates for the 15th consecutive time last week.
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