Rates for 30-year fixed, shorter-term mortgages continue to trend upwards. May 12, 2004: 12:27 PM EDT
NEW YORK (CNN/Money) - Mortgage rates are trending higher, with the average rate for a 30-year fixed mortgage jumping to 6.40 percent for the week ended May 11, up from 6.17 percent last week.
Mortgage Rates
30 yr fixed mtg
5.13%
15 yr fixed mtg
4.70%
30 yr fixed jumbo mtg
6.06%
5/1 ARM
4.30%
5/1 jumbo ARM
4.87%
The benchmark mortgage rate stood at 5.91 percent roughly one month ago, according to Informa Research Services, and had a range of 5.21 to 7.28 percent for the week ended May 4.
The average 15-year fixed mortgage rate rose to 5.72 percent, from 5.5 percent the previous week, with a range of 4.60 to 6.99 percent. Rates stood at 5.24 percent a month earlier.
Adjustable rate mortgages (ARMs) also picked up some steam, rising to 4.34 percent from 4.27 percent last week. ARM rates stood at 4.03 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.
MORTGAGES *TOP NATIONAL LENDERS As of May 11, 2004
