Another Mortgage Rate Hike Hits
Interest rates were up again last week on 30-year fixed, 15-year fixed and 5/1 ARM mortgage loans, according to new data from Bankrate.
The average interest on a 30-year fixed loan climbed from 4.44% the last week of November to 4.55% by December 5. Fifteen-year fixed mortgages were up to 3.62, from 3.47, while 5/1 ARMs climbed from 3.29% to 3.33%.
Bankrate shows rather dramatically how far rates have climbed since last May, when average 30-year fixed rates stood at 3.52%. The monthly payment on a $200,000 30-year fixed rate mortgage is now around $1,019.32, or approximately $119/month more than the same size loan would have cost on May 1.
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