Since the start of 2013, mortgage rates have increased and decreased substantially, going up and down quickly and with no warning. Most of these fluctuations of the mortgage rates have resulted in high interest rates, while only one has gone down substantially compared to its previous rate: 5-year mortgage rates are now at a record low level which hasn't been seen in almost half a decade.
This week 30-year fixed-rate mortgages have reached their highest rate in 2013, going from 3.53% last week to 3.56% this week. This is well above its minimum rate of 3.31% which, according to Freddie Mac, was reached 3 months ago in November 2012.
15-year mortgage rates continue to be at 2.77% for the third week in a row although this is still the second highest 15-year rate we have seen this year.
5-year adjustable-rate mortgages have remained as they were last week, at 2.64%, but unlike fixed-rate mortgages, they are now at the second lowest rate for 5 year mortgages that has been seen in over 40 years.
1-year adjustable-rate mortgages have increased by 0.04% this week compared to last week, reaching their highest rate of 2.65% this year.