page 1 | 2
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 July 3 found the average:
- 30-year fixed-rate loan -- the most popular way to pay for a house -- costs 6.78%.
- 15-year fixed-rate loan costs 6.46%.
- 30-year jumbo loan (for more than $417,000) costs 7.02%.
That means payments would be $650 a month for every $100,000 borrowed with the average 30-year, fixed-rate loan. That’s just $6 a month less than you’d have paid in July 2006 but $38 a month more than in mid-March when interest rates were below 6.2%.
Adjustable rate mortgages have also risen since May. Our survey found a 30-year ARM with an initial rate guaranteed for:
page 1 | 2
|
