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Mortgage rates rise
Rates for 15-year, 30-year mortgage rise following last week's pull back. ARMs still strong.
June 9, 2004: 2:42 PM EDT

Mortgage Rates
30 yr fixed mtg 5.03%
15 yr fixed mtg 4.53%
30 yr fixed jumbo mtg 5.86%
5/1 ARM 4.06%
5/1 jumbo ARM 4.67%

Find personalized rates:
 

Rates provided by Bankrate.com.

NEW YORK (CNN/Money) - Mortgage rates picked up some steam for the week ended June 8, with the average 30-year fixed rate mortgage rising to 6.61 percent.

"The bond market has already lowered prices based on Mr. Greenspan's comments," said Mavel Vargas, manager of mortgage lending research at Informa Research Services.

"This has caused long-term mortgage rates to begin to rise in response to the bond market and in anticipation of the Fed's rate action."

Rates for the benchmark 30-year loan ranged from 5.56 percent on the low end to 7.37 percent for the week, according to Informa. Looking back, rates eased to 6.57 percent last week after having held steady at 6.61 percent for the previous two weeks.

Weekly rates information
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12-mo. CD rates post modest gains
Mortgage rates rise
Credit card rates lack direction

The average 15-year fixed mortgage rate rose to 5.81 percent, up from 5.79 percent the previous week, with a range of 4.69 percent to 6.99 percent. Rates also climbed higher in the early part of May before slipping last week.

Adjustable rate mortgages (ARMs) leapt to 4.61 percent from 4.55 percent the previous week. ARM rates climbed steadily from 4.34 percent to 4.61 percent over the past month.

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 June 8, 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 0.000 6.375 6.433 0.000 4.625 4.620 0.000
Wells Fargo 5.750 5.792 0.000 6.375 6.463 0.250 4.875 4.590 0.000
Bank of America 5.750 5.914 0.075 6.375 6.427 0.409 4.625 4.333 0.015
Countrywide 6.125 6.201 0.250 6.625 6.684 0.375 4.125 4.791 0.000
National City Mortgage 5.875 6.090 0.000 6.625 6.749 0.000 6.750 6.764 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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