NEW YORK (CNN/Money) - Mortgage rates rose modestly higher the week ended Aug. 3, with the average 30-year fixed mortgage rising to 6.2 percent, up from 6.17 percent the week prior.
The benchmark mortgage rate stood at 6.3 percent a month earlier, according to Informa Research Services, and had a range of 4.78 percent to 7.13 percent for the week ended Aug. 3.
The average 15-year fixed mortgage rate rose an average of 5.62 percent, up from 5.58 percent the previous week, with a range of 4.69 percent to 6.99 percent. Rates stood at 5.72 percent a month earlier.
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Adjustable rate mortgages (ARMs), meanwhile, rose to a 4.86 percent average from 4.83 percent the week prior, with a range of 3.05 percent to 7.09 percent. ARM rates stood at 4.84 percent a month earlier.
"On the national front, mortgage rates are rising on signs that America's economy is bouncing back from July's sluggishness," said Mavel Vargas, mortgage lending research manager at Informa Research Services, Inc.
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.
MORTGAGES: *TOP NATIONAL LENDERS
As of August 3, 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 |
5.500 |
5.588 |
0.000 |
6.250 |
6.307 |
0.000 |
4.750 |
4.907 |
0.000 |
| Wells Fargo |
5.375 |
5.667 |
0.000 |
6.000 |
6.275 |
0.000 |
5.625 |
4.877 |
0.000 |
| Bank of America |
5.500 |
5.675 |
0.011 |
6.125 |
6.273 |
0.232 |
4.500 |
4.686 |
0.265 |
| Countrywide |
5.625 |
5.857 |
0.250 |
6.125 |
6.328 |
0.375 |
4.250 |
5.036 |
0.125 |
| National City Mortgage |
5.750 |
5.924 |
0.000 |
6.375 |
6.497 |
0.000 |
4.375 |
4.898 |
1.000 |
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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