Rates for 30-year fixed, shorter-term mortgages continue month-long upward trend. May 5, 2004: 1:39 PM EDT
NEW YORK (CNN/Money) - Mortgage rates are steadily climbing, with the average rate for a 30-year fixed mortgage advancing to 6.17 percent for the week ended May 4, up from 6.10 percent last week.
Mortgage Rates
30 yr fixed mtg
5.07%
15 yr fixed mtg
4.63%
30 yr fixed jumbo mtg
5.91%
5/1 ARM
4.20%
5/1 jumbo ARM
4.74%
The benchmark mortgage rate stood at 5.83 percent roughly one month ago, according to Informa Research Services, and had a range of 5.21 to 6.99 percent for the week ended May 4.
The average 15-year fixed mortgage rate rose to 5.50 percent, from 5.42 percent the previous week, with a range of 4.35 to 6.99 percent. Rates stood at 5.13 percent a month earlier.
Adjustable rate mortgages (ARMs) also picked up some momentum, rising to 4.27 percent from 4.21 percent last week. ARM rates stood at 3.95 percent a month earlier.
Below are the rates for three key mortgage products from five top national mortgage lenders. You can compare rates from more institutions with the rate-search tools above.
