Mortgage Rates Rose Slightly But Still Within Record Lows
Mortgage rates moved up slightly this week but remain within striking distance of record lows. The average 30-year fixed-rate mortage rate is 5.04% according to bankrate.com. On larger jumbo mortgages the average rate is 6%. Don’t be fooled by the lower adjustable-rate mortgages. For example, the current adjustable-rate is 4.55%. Even though the adjustable mortgage rate might be slightly lower, the mortgage rate will only last 5 years. After 5 years there might be a significant monthly payment increase and it might wreak havoc on your budget because of a reset on the rates. For most home owners fixed-rate mortgage are where the value is because they lock in affordability for a longer period of time. If you currently have adjustable-rate mortgage, refinancing should be an option to consider. Refinancing will give you a fixed payment and might lower your cost in the long run.
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