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Mortgage rates rise
Rates for 30-year fixed, shorter-term mortgages continue to march upwards.
May 19, 2004: 3:44 PM EDT

NEW YORK (CNN/Money) - Mortgage rates are marching higher, with the average rate for a 30-year fixed mortgage rising to 6.48 percent for the week ended May 18, up from 6.4 percent last week.

Mortgage Rates
30 yr fixed mtg 5.08%
15 yr fixed mtg 4.41%
30 yr fixed jumbo mtg 5.90%
5/1 ARM 4.05%
5/1 jumbo ARM 4.54%

Find personalized rates:
 

Rates provided by Bankrate.com.

The benchmark mortgage rate stood at 6.03 percent roughly one month ago, according to Informa Research Services, and had a range of 5.21 to 7.13 percent for the week ended May 18.

The average 15-year fixed mortgage rate jumped to a 5.82 percent average, from 5.72 percent the previous week, with a range of 4.69 to 6.99 percent. Rates stood at 5.36 percent a month earlier.

Weekly rates information
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Banking rates: Two up, one down
Mortgage rates rise
Credit card rates stand still

Adjustable rate mortgages (ARMs) also picked up some steam, rising to a 4.51 percent average from 4.34 percent last week. ARM rates stood at 4.14 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 18, 2004
  15 Yr Conforming 30 Yr Conforming 1 Yr Adjustable
Institution Rate APR Pts Rate APR Pts Rate APR Pts
Washington Mutual 5.750 5.840 0.250 6.375 6.433 0.250 4.750 4.456 0.250
Wells Fargo 5.625 5.667 0.000 6.250 6.275 0.000 4.625 4.268 0.000
Bank of America 5.750 5.814 0.276 6.375 6.401 0.134 4.375 3.976 0.063
Countrywide 6.250 6.366 0.500 6.750 6.773 0.000 4.250 4.440 0.000
National City Mortgage 6.000 6.236 0.000 6.750 6.863 0.000 4.625 4.374 0.000
Mortgage rates are based on a purchase of a single family, owner occupied residence requiring 20% down payment. Conforming loan amount up to $333,700, Jumbo up to $650,000.
*Top National Lenders based by $ amount funded.
Source: Informa Research Services, Inc., 800-848-0218. © 2004. All rights reserved. May not be reproduced or retransmitted in any form without express written consent of Informa Research Services, Inc.

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