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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%.
Then rates unexpectedly took off in late May, making home loans more expensive than they’ve been since, well, this time last year.
Our most recent survey of major lenders taken June 27 found the average:
- 30-year fixed-rate loan -- the most popular way to pay for a house -- costs 6.74%.
- 15-year fixed-rate loan costs 6.40%.
- 30-year jumbo loan (for more than $417,000) costs 6.96%.
That means payments would be $648 a month for every $100,000 borrowed with the average 30-year, fixed-rate loan. While that’s $12 a month less than you’d have paid the last week in June 2006, it’s $39 a month more than in mid-March when interest rates were below 6.2%.
When potential home buyers call for quotes "they're shocked; they almost don't believe you," Jim Foley, senior vice president of George Mason Mortgage told the Washington Post. "They're quick to get off the phone to make more calls."
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