Mortgage rates experts say this upward trend is here to stay.
According to Yahoo!, mortgage rates were on the rise once more, holding onto 3% levels for just the 4th time since 21st April. In the week ending 21st October, 30-year fixed rates increased by 4 basis points to 3.09%. Compared to this time last year, 30-year fixed rates were up by 29 basis points. The weekly average rates for new mortgages as of 21st October were quoted by Freddie Mac to be: 30-year fixed rates rose by 4 basis points to 3.09% in the week. This time last year, rates had stood at 2.80%. The average fee remained unchanged at 0.7 points. 15-year fixed increased by 3 basis points to 2.33% in the week. Rates were unchanged from a year ago. The average fee remained unchanged at 0.7 points. 5-year fixed rates slipped by 1 basis point to 2.54%. Rates were down by 33 points from 2.87% a year ago. The average fee rose from 0.2 points to 0.3 points.