News Column

Bankrate: Mortgage Rates Continue to Climb

June 28, 2014



By a News Reporter-Staff News Editor at Real Estate & Investment Business -- Mortgage rates are on the rise again this week, with the benchmark 30-year fixed mortgage rate moving up to 4.34 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.34 discount and origination points.

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To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage rate inched up to 3.43 percent, while the larger jumbo 30-year fixed mortgage rate rose to 4.41 percent. Adjustable rate mortgages were also higher this week, with the 5-year ARM rising to 3.37 percent, the 7-year ARM jumping to 3.58 percent.

As 2013 came to a close, the average 30-year fixed mortgage rate was 4.69 percent. At that time, a $200,000 loan would have carried a monthly payment of $1,036.07. After drifting lower for much of the first five months of 2014, the average rate is now 4.32 percent, and the monthly payment for the same size loan would be $994.45, a savings of nearly $42 per month for anyone that waited.

Keywords for this news article include: Real Estate, Bankrate Inc., Mortgage Rates.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC


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Source: Real Estate & Investment Business


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