Mortgage Rates Climb For Third Straight Week
Longer term mortgage rates hit 2007 highs during last week according to the results of Freddie Mac’s Primary Mortgage Market Survey. With the exception of the one-year adjustable rate mortgage (ARM) rates have gone up 20 or more basis points in the last two weeks.
The 30-year fixed-rate mortgage (FRM) increased to 6.42 percent with 0.4 point compared to 6.37 percent with 0.4 point the previous week. This is the highest rate for the 30-year since the week ended September 14, 2006.
The 15-year FRM averaged 6.12 percent. The previous week it averaged 6.06 percent. Fees and points were unchanged at 0.4. The last time the 15-year FRM reached this level was September 7, 2006. Read more
