Fixed mortgage rates moved higher across the board this week, with the average 30-year fixed mortgage rate rising to 6.25 percent. According to Bankrate.com’s weekly national survey of large lenders, 30-year fixed rate mortgages had an average of 0.27 discount and origination points. The average 15-year fixed rate mortgage popular for refinancing increased to 5.97 percent, while on larger loans, the average jumbo 30-year fixed rate grew slightly to 6.52 percent, Bankrate.com said. Adjustable rate mortgages stepped-up with the average 5/1 ARM to 6.12 percent and the average one-year ARM rose to 5.97 percent. Mortgage rates nudged higher, but only slightly so, for the third consecutive week and are still stuck within the same narrow range they’ve been in for most of the year.
The economy hasn’t shown enough signs of either strength or weakness to give rates a hard shove in either direction. This week, unease over Iran probably had a hand in pushing rates upward a bit. Thursday’s jobless report has a better chance of making them move strongly. Fixed mortgage rates are notably lower than last summer when the Fed last raised interest rates. At the time, the average 30-year fixed mortgage rate peaked at 6.93 percent, and a $165,000 loan carried a monthly payment of $1,090.00. With the average 30-year fixed rate now 6.25 percent, the same loan originated today would carry a monthly payment of $1015.93.