Mortgage rates have been increasing for last three weeks but this week rates on 30 year mortgage rose highest in the last three months. Last week it was 6.04 percent but now it has been increased to 6.24 percent in this week.
On November 15th 2007 it was also 6.24 percent. But since then we saw a steady downfall in the mortgage rates. During January 2008 the rates were falling steadily and refinancing had hit 12 months highest in that month because homeowners were trying to take advantages of the lower rates to make their monthly payments lower.
Other mortgage rates have also been increased in this week. Rates on 15 year Fixed rate mortgage rose to 5.72 percent whereas it was 5.64 percent last week. Rates on 5 year ARM rose to 5.43 percent compared to last week's 5.37 percent and rates on one year ARM rose to 5.11 percent compare to last weeks 4.98 percent.
[tags]FRM, Fixed Rate Mortgage, Refinancing, Mortgage[/tags]