Mortgage rates across the United States have been steadily increasing over the past several weeks and are now approaching record high levels.
Fixed-rate 30-year mortgage loan rates rose for the sixth consecutive week, rising by 28 basis points from 4.72 to 5 percent for the week ending April 14, Freddie Mac reported. This is the first time in more than a decade that mortgage rates have averaged 5 percent.
The 15-year fixed-rate mortgage averaged 4.17 percent, up 26 basis points.
According to the Mortgage Bankers Association (MBA), the average interest rate for 30-year fixed-rate mortgages with conforming loan balances of $647,200 or less rose from 4.9 to 5.13 percent for the week ending April 8. Interest rates for loan balances higher than $647,200 jumped from 4.51 to 4.68 percent.
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