Mortgage Rates hit 4yr high
By Holden Lewis • Bankrate.com
Long-term mortgage rates climbed strongly this week to their highest level in more than four years.
The benchmark 30-year fixed-rate mortgage rose 12 basis points to 6.83 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.33 discount and origination points. One year ago, the mortgage index was 5.66 percent; four weeks ago, it was 6.69 percent.
The 15-year fixed-rate mortgage rose 9 basis points to 6.45 percent. The 5/1 adjustable-rate mortgage skyrocketed 18 basis points to 6.49 percent.
The benchmark 30-year fixed hasn't been this high since May 16, 2002, when it stood at 6.91 percent.
Long-term mortgage rates climbed strongly this week to their highest level in more than four years.
The benchmark 30-year fixed-rate mortgage rose 12 basis points to 6.83 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.33 discount and origination points. One year ago, the mortgage index was 5.66 percent; four weeks ago, it was 6.69 percent.
The 15-year fixed-rate mortgage rose 9 basis points to 6.45 percent. The 5/1 adjustable-rate mortgage skyrocketed 18 basis points to 6.49 percent.
The benchmark 30-year fixed hasn't been this high since May 16, 2002, when it stood at 6.91 percent.
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