The average 15-year fixed rate mortgage popular for refinancing inched higher to 6.41 percent. On larger loans, the average jumbo 30-year fixed rate nosed higher to 6.97 percent. Adjustable rate mortgages behaved the same, with the average one-year ARM and 5/1 ARM each rising, to 6.24 percent and 6.48 percent, respectively ... Fixed mortgage rates are roughly one-half percentage point higher than three months ago. At the time, the average 30-year fixed mortgage rate was 6.25 percent, meaning that a $165,000 loan would have carried a monthly payment of $1,015.93. With the average 30-year fixed rate now 6.74 percent, the same loan originated today would carry a monthly payment of $1,069.09. Fixed mortgage rates still remain the better refinancing alternative for adjustable rate borrowers facing sharp payment adjustments.Although yields on Treasury notes declined below the 5 percent barrier this past week, mortgage rates showed little movement in return. That may change this week as markets digest data from before the July 4th holiday.
Mortgage Rates Hold Steady
Bankrate's national survey of lenders is showing that mortgage rates held steady last week, holding at 6.74 percent. The average 30-year fixed mortgage has an average of 0.25 discount and origination points. From the press release (no link available at time I published this):