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Interest rates are a quarter- to half-point higher than they were last fall and winter after mortgage costs took a surprising jump in late May and early June.
Our most recent survey of major lenders taken August 1 found the average:
- 30-year fixed-rate loan -- the most popular way to pay for a house -- costs 6.71%.
- 15-year fixed-rate loan costs 6.38%.
- 30-year jumbo loan (for more than $417,000) costs 7.13%.
That means borrowers would have to pay $646 a month for every $100,000 borrowed with an average 30-year loan. Although that’s just $4 a month more than you’d have paid in August 2006, it’s $32 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%.
Mortgages are certainly not as cheap as four summers ago when 30-year rates bottomed out at 5.28% -- the lowest they've been since Interest.com (and its print predecessors) began its weekly survey of major lenders in 1985.
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