Mortgage rates for the week of April 3 - April 9, increased slightly overall, likely due to a rally in stock prices. Over the previous months, mortgage rates have been seeing turbulent highs and lows, but remained surprisingly steady over the last week, despite Fannie Mae's announcement of higher loan fees. 30- year fixed-rate mortgages rose slightly to 6.12% this week, up 17 basis points from last week (A basis point is one-hundredth of a percentage point). Compared to a month ago, 30-year fixed mortgages were at 6.32%. One year ago, 30 -year fixed mortgages were at 6.25%. Similarly, 15-year fixed-rate mortgages increased a slight 17 basis points to a benchmark of 5.7%. Adjustable rate mortgages, however, escaped the increase by falling 12 points to a 5/1 benchmark of 6.04% Rates on 30-year jumbo loans continued to spike this week as the benchmark rose another 15 points to 7.52%. Finally, 30-year FHA mortgages dropped 4 points this week to a benchmark 6.02%. (A 30-year FHA mortgage is insured by the Federal Housing Administration and has an interest rate that stays the same for the 30-year life of the loan). (Written by: K. Skowronski) Article Sources Mortgage rates rise along with stocks, Bankrate.com Graph rate trends over time, Bankrate.com Rates on 30, 15-year mortgages rise, CNNmoney.com
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