Mortgage giant Freddie Mac reported yesterday that 30- year, fixed-rate mortgages averaged 6.21 percent this week, up from 6.18 percent last week.

It was the highest level since 30- year mortgages stood at 6.24 percent the week of Nov.

However mortgage rates should not rise far this year. It’s predicted that 30- year rates would not top 6.5 percent.

Rates on 15- year fixed-rate mortgages were up to 5.96 percent, compared with 5.94 percent last week.

The mortgage rates do not include add-on fees known as points.

A year ago, rates on 30- year mortgages stood at 6.15 percent while 15- year mortgages were at 5.71 percent, five-year ARMs at 5.76 percent and one-year ARMs at 5.15 percent. (Read More)

Source: Baltimore Sun
Tags: Home Buying, Home Selling, Mortgages, Mortgage, Mortgage News

Tags: Mortgage News