Bankrate: Mortgage Rates Continue to Climb
Mortgage rates increased again this week, with the average 30-year fixed rate rising to 6.32 percent. According to Bankrate.com's weekly national survey of large lenders, the 30-year fixed rate mortgages had an average of 0.34 discount and origination points. The average 15-year fixed rate mortgage popular for refinancing inched to 6.07 percent, while on larger loans, the average jumbo 30-year fixed rate increased to 6.56 percent. Adjustable mortgage rates moved higher as well, with the average 5/1 ARM moving up to 6.21 percent and the average one-year ARM increasing to 6.04 percent. Mortgage rates increased again this week, Bankrate said, despite the absence of any blockbuster economic data. Instead, all signs continue to point to the Fed staying on hold with interest rates for an indefinite period. With no rate cut imminent, and even the possibility of a rate hike should it be warranted, bond yields and mortgage rates have trended higher in recent weeks. Mortgage rates are closely related to yields on long-term government bonds.