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.
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.
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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
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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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