Multiple real estate mortgage rates up again

BY JEFF OSTROWSKI
BANKRATE.COM

Multiple key mortgage rates are floating higher this week. Rates remain near historic lows with the average 30-year rate 1.25 percentage points below the 2019 annual average rate.

The average rate you’ll pay for a 30-year fixed mortgage is 2.88 percent, an increase of 3 basis points over the last seven days. Last month on the 16th, the average rate on a 30-year fixed mortgage was higher at 2.91 percent.

At the current average rate, you’ll pay a combined $415.16 per month in principal and interest for every $100,000 you borrow. That’s an increase of $1.60 over what you would have paid last week.

The average 15-year fixed-mortgage rate is 2.37 percent, up 2 basis points from a week ago.

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Monthly payments on a 15-year fixed mortgage at that rate will cost around $661 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment would, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more rapidly.

The average rate on a 5/1 adjustable-rate mortgage is 2.94 percent, sliding 1 basis point over the last 7 days.

These types of loans are best for people who expect to refinance or sell before the first or second adjustment. Rates could be much higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 2.94 percent would cost about $418 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.

Today’s average rate for jumbo mortgages is 2.91 percent, an increase of 3 basis points from a week ago. This time a month ago, the average rate on a jumbo mortgage was above that, at 2.95 percent.

At today’s average rate, you’ll pay principal and interest of $416.77 for every $100,000 you borrow. That’s $1.61 higher compared with last week.