Average rates for 15-year, 30-year fixed, and ARM loans rise; 30-year at 6.17%. July 29, 2004: 11:42 AM EDT
NEW YORK (CNN/Money) - Mortgage rates ticked modestly higher the week ended July 27, with the average 30-year fixed mortgage rising to 6.17 percent, up from 6.16 percent the week prior.
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%
"There are many variables that can influence the rates on long term mortgages," said Mavel Vargas, mortgage lending research manager at Informa Research Services, Inc.
"This month, a higher-than-expected increase in housing starts has triggered economic growth and is considered inflationary, causing bond prices to fall and yields and interest rates to rise. This rise in rates has pushed many people to close loan deals before rates go any higher."
The benchmark mortgage rate stood at 6.39 percent a month earlier, according to Informa Research Services, and had a range of 5.46 percent to 7.25 percent for the week ended July 27.
The average 15-year fixed mortgage rate rose an average of 5.58 percent, up from 5.57 percent the previous week, with a range of 4.69 percent to 6.99 percent. Rates stood at 5.80 percent a month earlier.
Adjustable rate mortgages (ARMs), meanwhile, rose to a 4.83 percent average from 4.81 percent the week prior, with a range of 3.05 percent to 7.09 percent. ARM rates stood at 4.85 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 tool above.
