How high will the rates go? That’s the question many a media talking head and economist are pondering as mortgage and refinance rates continued their climb following the Labor Day holiday. Here’s how the numbers looked by week’s end, according to CNET:
A 30-year, fixed-rate mortgage stands at 6.11 percent, an increase of three basis points compared to last week. The average rate for a 15-year, fixed mortgage is 5.31 percent, up six basis points from one week ago.
A 5/1 adjustable-rate mortgage has an average rate of 4.52 percent, an increase of seven basis points compared to last week.
Turning our attention to refinancing, a 30-year fixed refi is running at 6.10 percent, up five basis points compared to one week ago. The average rate for a 15-year fixed refinance loan is currently 5.34 percent, an increase of nine basis points.
The average 10-year fixed refinance rate is 5.44 percent, an increase of 17 basis points over last week.