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It was great while it lasted.
For nearly 10 months interest rates moved up a little, then down a little, but the average cost for most types of mortgages remained below 6.5%.
But rates unexpectedly took off in late May and early June, making home loans more expensive than they’ve been since, well, this time last year.
Our most recent survey of major lenders taken June 13 found the average:
- 30-year fixed-rate loan -- the most popular way to pay for a house -- costs 6.84%.
- 15-year fixed-rate loan costs 6.53%.
- 30-year jumbo loan (for more than $417,000) costs 7.12%.
That’s from a tenth- to quarter-point higher than they were in mid-June 2006. Adjustable rate mortgages are up even more, a quarter- to more than three-tenths of a point. Our survey found a 30-year ARM with an initial rate guaranteed for:
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