Fixed mortgage rates jogged higher in the past week, with the average 30-year fixed rate mortgage rising from 6.64 percent to 6.67 percent, according to Bankrate.com's weekly national survey of large lenders. This is the highest since the week of June 12, 2002. The 30-year fixed rate mortgages in this week's survey had an average of 0.36 discount and origination points.
The average 15-year fixed rate mortgage popular for refinancing stepped up to 6.29 percent. On larger loans, the average jumbo 30-year fixed rate was unchanged at 6.83 percent. Adjustable rate mortgages inched higher as well. The average 5/1 adjustable rate mortgage ticked up to 6.32 percent,and the average one-year ARM nosed higher to 5.89 percent.
5/1 ARM: 6.32% -- up from 6.31% last week (avg. points: 0.38)
How are rates doing compared to May 2005?
Fixed mortgage rates have increased notably compared to one year ago. This time last year, the average 30-year fixed mortgage rate was 5.81 percent, meaning that the monthly payment on a loan of $165,000 was $969.19. Although fixed mortgage rates have been up and down since, the average 30-year fixed rate is now 6.67 percent, meaning the same loan originated now would carry a payment of $1,061.43.Monthly payments on an average 30 year fixed loans are up 9.5% since last year this time. Clearly, higher monthly payments mean homebuyers can be loaned less money. The housingheads are not certainly not cheering.