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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 rose in late May and early June, making home loans less affordable and more expensive than they’ve been since, well, this time last year.
Our most recent survey of major lenders taken June 6 found the average:
- 30-year fixed-rate loan -- the most popular way to pay for a house -- costs 6.61%.
- 15-year fixed-rate loan costs 6.33%.
- 30-year jumbo loan (for more than $417,000) costs 6.86%.
That’s almost exactly what those loans cost a year ago and adjustable-rate mortgages are actually more expensive than they were this time last year. Our survey found a 30-year ARM with an initial rate guaranteed for:
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