Mortgage Rates Only Modestly Higher After Friday’s Rout
Last Friday continues to be the epicenter of the most recent push to multi-year highs for mortgage rates. The average lender jumped by roughly an eighth of a point at the time. That’s a very big move for a single day–the kind that only happens a few times a year. Rates are slightly higher so far this week, but the pace has been very modest.
30 Year Fixed Rate = 3.89%
15 Year Fixed Rate = 3.16%
5/1 ARM Rate = 3.67%
Payment scenarios on a $500,000 loan