Mortgage rates climb to highest level since August
11/18/2010
By Credit.com Staff
The rate for a 30-year fixed-rate mortgage climbed to 4.39 percent for the week ending November 18, up considerably from the previous period's 4.17 percent, according to the latest survey from Freddie Mac. However, the new level is still well below the 4.83 percent observed for the same period last year.
"Rates on 30-year fixed-rate mortgages were up to the highest level since early August and rates on shorter-maturity loans rose as well, although by somewhat lesser amounts," according to Freddie Mac vice president and chief economist Frank Nothaft.
The APRs for 15-year fixed-rate mortgages rose to 3.76 percent, up from 3.57 percent last week, the report said. A year ago, the same loan carried a 4.32 percent interest rate. Similarly, the average APR on five- year adjustable-rate mortgages rose from 3.25 percent last week to its current level of 3.4 percent, but is still down from the 4.25 percent for the same week in 2009.
The low levels of interest rates for all home loans has prompted many homeowners to seek refinances on their existing mortgages, and saved them hundreds of dollars a month.
