Following this week’s news of record low applications and interest, mortgage and refinance rates stood at their highest levels in years, according to CNET.
The average rate for a 15-year, fixed mortgage is 3.47 percent, which is actually a decrease of one basis point from one week ago. Beyond that, most of the other popular options continued their upward trend—albeit slower than in past weeks.
The average interest rate for a 30-year fixed mortgage is 4.25 percent, an increase of six basis points from one week ago. A 5/1 adjustable-rate mortgage has an average rate of 4.25 percent, up five basis points from the same time last week.
The average rate for a 30-year fixed refinance loan is up just one basis point this week to 4.21 percent. Much like the 15-year fixed mortgage, the 15-year fixed refi was down one basis point to an average of 3.44 percent.
Also down, the average 10-year fixed refinance, which stands at 3.39 percent, a decrease of three basis points over last week.