It seems as though the honeymoon with low mortgage rates is over. Those rates have been on the steady increase in recent weeks and this past week is no exception. Here are the latest rates in an easy-to-read format for your perusal.
• The rates on a 30-year fixed mortgage went up to 5.31 percent in the past week. Just a few months ago in December of 2009, the rate for the same type of mortgage was at a record low of 4.71 percent. That’s more than a half point increase in just four months.
• The average for a 30-year fixed rate mortgage, however, is a bit lower. The average stands at 5.17 percent which is just a bit higher than last week’s average of 5.16 percent.
• For a 15-year fixed rate mortgage, the rates have gone up by a tenth of a point in the past week. Currently, those mortgage rates are 4.50 percent whereas a week ago the rates stood at 4.40 percent.
• The average for adjustable rate mortgages has increased about .04 percent over last year’s rates. Currently, a one-year conforming adjustable rate mortgage is at 4.67 percent while the average three-year conforming ARM is 4.61 percent. That number is down from last week’s 4.66 percent, but it is an increase over last year’s rates.
• As far as home equity rates are concerned, those numbers have increased as well. For a 10-year home equity loan, you can expect an average rate of about 7.440 percent. Last week’s average for the same loan was about 7.281 percent. The 15-year home equity rates currently average about 7.260 percent, which is slightly up from last week’s 7.557 average.
If you have been counting on getting in on the housing market while mortgage rates were low, you should probably make a move right now. With the first-time homebuyer’s tax credit expiring and the feds removing their support of the mortgage industry, mortgage rates aren’t going to go anywhere but up. Take advantage of the current rates before they go much higher!