Source: US News Money —
Mortgage rates surged higher this week, according to Freddie Mac, continuing a monthlong trend of rate increases. The average interest rate on a fixed 30-year mortgage is the highest it’s been since 2008, at 5.89%. For the 15-year fixed mortgage term, rates eclipsed 5% for the first time in 13 years.
Borrowing costs for the 5/1 adjustable-rate mortgage also rose this week, although they remain lower than fixed rates – as a result, more homebuyers have been turning to ARMs in recent weeks, data from the Mortgage Bankers Association shows. Here are the current mortgage interest rates, as of Sept. 8:
30-year fixed: 5.89% with 0.7 point (up from 5.66% a week ago, up from 2.88% a year ago).
15-year fixed: 5.16% with 0.8 point (up from 4.98% a week ago, up from 2.19% a year ago).
5/1-year adjustable: 4.64% with 0.4 point (up from 4.51% a week ago, up from 2.42% a year ago).
15-year fixed: 5.16% with 0.8 point (up from 4.98% a week ago, up from 2.19% a year ago).
5/1-year adjustable: 4.64% with 0.4 point (up from 4.51% a week ago, up from 2.42% a year ago).
