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
5.11%
15 yr fixed mtg
4.71%
30 yr fixed jumbo mtg
5.94%
5/1 ARM
4.25%
5/1 jumbo ARM
4.76%
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.
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