Bankrate.com released its weekly national survey that revealed mortgages rates continued to increase with a conventional 30-year fixed mortgage rate rising to 4.19 percent while the average 15-year fixed mortgage dropped to 3.34 percent and the jumbo 30-year fixed mortgage dropped to 4.18 percent.
The jumbo 30-year fixed mortgage hasn’t been below the benchmark 30-year fixed mortgage rate since April 2014, yet the economic market still remains positive. By mid-April, mortgage rates were at their lowest since 2013 with an average 30-year fixed mortgage rate being 3.79 percent at that time.
Adjustable rate mortgages (ARM) remained high with the 7-year ARM increasing to 3.5 percent. And despite mortgage rates remaining low, the continued improvement in the state of the economy makes many believe that the Federal Reserve will be raising interest rates soon enough.
Bankrate’s survey is conducted every Wednesday from data collected from the top 10 banks and thrifts in the top 10 financial markets.
To view the full weekly national report, click here.