Fixed-Rate Mortgage

Mortgage Rates Rise On Inflation Fears 

Fixed mortgage rates moved higher following the Fed’s stated concerns about inflation in the past week. The average 30-year fixed mortgage rate rose to 6.22 percent with an average of 0.28 discount and origination points, according to Bankrate.com’s weekly national survey of large lenders. The average 15-year fixed rate mortgage, popular for refinancing, inched lower to 5.92 percent, while on larger loans, the average jumbo 30-year fixed rate increased to 6.5 percent. Adjustable rate mortgages were lower, with the average 5/1 ARM dropping to 6.05 percent and the average one-year ARM sliding to 5.94 percent.