This week all US mortgage rates have increased across the board for the first time in over 6 months. Although all mortgage rates are still at record lows, taking advantage of these rates while they're still low can save you a lot of money in the long run.
30-year fixed-rate mortgages have increased from 3.36% last week to 3.39% this week. This is only a 0.03% rate increase, and these rates are now at their second lowest level in more than 40 years.
15-year mortgage rates have increased slightly less, from 2.69% last week to 2.7% this week, which is also the second lowest rate seen for 15-year mortgages in over 4 decades.
1-year adjustable-rate mortgages have increased from 2.57% last week, the lowest 1-year mortgage rate recorded in decades to 2.59% this week. This is still the second lowest rate we have seen in 40 years.
5-year adjustable-rate mortgages have also had a 0.01% increase, reaching 2.73% this week compared to 2.72% last week. Although this is not the second lowest rate seen, this is still a low mortgage rate which you should take advantage of.
This week mortgage applications decreased 1.2%, with the refinance applications going down by 2%. On the other hand, the Purchase Index had an increase of 2% compared to last week.
If you want to take advantage of these still-low mortgage rates before they increase, I recommend that you apply for a mortgage loan soon to avoid paying high mortgage rates.