INTEREST RATE ARE CLIMBING AGAIN!
(NATIONAL & LOCAL )
According to www.bankrate.com, Mortgage Interest Rates rose this week. Here’s the rest of the article:
The benchmark 30-year fixed-rate mortgage floated up 13 basis points to 4.31 percent. The benchmark 15-year fixed-rate mortgage added 14 basis points to 3.56 percent.
A basis point is one-hundredth of 1 percent.
The typical 30-year fixed-rate jumbo rose 17 basis points to 4.36 percent. For the purposes of Bankrate’s survey, a jumbo mortgage is a loan that is at least $650,000.
The average 5/1 adjustable-rate mortgage added 11 basis points to 3.56 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
Mortgage applications rose 2.5 percent from a week ago, according to the Mortgage Bankers Association.