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Last updated on September 5th, 2022 at 09:11 pm
According to data compiled by Bankrate, the average mortgage rates rose for all types of loans compared to last week.
Rates increased for 30-year fixed, 15-year fixed, 5/1 ARMs, and jumbo loans.
The current average mortgage rate for home purchase for a 30-year fixed mortgage last week was 3.02% and today it rose 0.03 basis points to 3.05%.
The average rate for a 15-year fixed mortgage today is 2.34% a rise by 0.03 basis points since last week when the rate was 2.31%.
The average purchase rate for a 5/1 ARM mortgage also rose by 0.01 basis points the rate today is 2.79% from 2.78%a week ago.
The 30-year jumbo mortgage rate saw a climb from 3.03% to today the rate is 3.06% a good rise of 0.03 basis points.
The refinance rate of the average 30-year fixed is 3.03 %, which is up today by 4 basis points in comparison to a week ago.
The average rate was the same a month ago.
The mortgage rates are seesawing right now. The rates are directly proportionate to the economy and with the vaccine doing its job the housing market rates will not remain low for long.
Reference Source: Bankrate
