Mortgage Rates Rise Again

On June 9, 2013 by Karen
Mortgage Rates Rise Again
30 year fixed rate mortgage – 3 month trend

Yup, the benchmark 30-year fixed-rate mortgage rose to 4.1 percent, compared with 3.99 percent last week, according to the Bankrate.com. Should you be concerned? Only if you’re planning to buy or sell.

While rates are still at historically low levels and lenders are practically lending money for free, interest rates have been rising for the past five weeks.

As you can see from the chart below, the change does not drastically effect monthly payments yet, but rates are expected to continue to climb.

Weekly national mortgage survey

Results of Bankrate.com’s June 5, 2013, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:
30-year fixed 15-year fixed 5-year ARM
This week’s rate: 4.1% 3.28% 2.93%
Change from last week: +0.11 +0.07 +0.12
Monthly payment: $797.28 $1,161.81 $689.43
Change from last week: +$10.50 +$5.61 +$10.58

One year ago, that rate was 3.92 percent.

Five weeks ago, the 30-year fixed averaged 3.52 percent.

Four weeks ago, it was 3.6 percent.

Today it is 4.1 percent — meaning that the rate has risen exactly half a percentage point in a month.

Do you care? How will this fact change your decisions?

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