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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. Now they’ve settled into a new groove, a quarter- to half-point higher than last fall and winter.
Our most recent survey of major lenders taken July 25 found the average:
- 30-year fixed-rate loan -- the most popular way to pay for a house -- costs 6.75%.
- 15-year fixed-rate loan costs 6.42%.
- 30-year jumbo loan (for more than $417,000) costs 7.03%.
That means payments would be $649 a month for every $100,000 borrowed with the average 30-year, fixed-rate loan. That’s just $1 a month less than you’d have paid in July 2006 but $35 a month more than in mid-March when interest rates were below 6.2%.
Our extensive database of the best mortgage rates from across the country shows a few lenders still offering borrowers with good credit loans of 6.5% with fees of $1,000 or less, but most are now up to 6.625%.
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