Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Mortgage rates hit six week high

The 30-year fixed rate jumped to 5.70%, and more volatility is expected as Senate debates the economic stimulus package.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Lara Moscrip, CNNMoney.com contributing writer

What do you think of Obama's crackdown on bank CEO pay?
  • It will force banks to act more responsibly
  • It's unwarranted interference in business
  • It will make no difference
Mortgage Rates
30 yr fixed 3.93%
15 yr fixed 2.99%
5/1 ARM 3.26%
30 yr refi 3.98%
15 yr refi 3.05%

Find personalized rates:

Rates provided by Bankrate.com.

NEW YORK (CNNMoney.com) -- Mortgage rates rose over the past week, pushing the cost of borrowing to its highest level since Christmas. And volatility is expected to continue as the debate over the economic stimulus plan continues.

The average 30-year fixed mortgage rate rose to 5.70% from 5.48% for the week ended Feb. 4, according to Bankrate.com.

The average 15-year fixed rate mortgage increased to 5.31% from 5.10%, and the average jumbo 30-year fixed rate jumped to 7.12% from 7.06%.

Adjustable rate mortgages were mixed over the past week, with the average 1-year ARM falling to 5.73% from 5.87% and the 5/1 ARM increasing to 5.5% from 5.41%.

The increase in mortgage rates makes borrowing more expensive for many would-be home buyers.

Last week, when the average 30-year fixed mortgage rate was 5.48%, a $200,000 loan would have carried a monthly payment of $1,133.07, according to Bankrate.com.

With the average rate now 5.70%, the monthly payment for the same size loan would be $1,160.80, a difference of nearly $28 per month.

Mortgage rates have been climbing since the Federal Reserve released its most recent post-meeting statement on Jan. 28, which was noncommittal about the possibility of buying long-term Treasury securities in an effort to reduce mortgage rates.

But offsetting that move is the government's massive stimulus plan, which is being paid for via Treasury auctions.

One stimulus idea that's being pushed by Senate Republicans would create a 30-year fixed rate mortgage at 4% for a limited period of time.

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets. To top of page

Find mortgage rates in your area

They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
The best Black Friday deals of 2015 This year's best Black Friday deals include some Apple products and a free Samsung smartphone. More
Delahaye - Behind the wheel of a French masterpiece This 1951 Delahaye represents the end of an era in gorgeous French car design. More
Slingshot is a three-wheeled thrill ride The Polaris Slingshot drives like a car with the excitement of a motorcycle. More