Rate on 30-Year Mortgage at Two-Year High

That is right. Increasing mortgage rates (currently at 4.51 percent) are all the more reason to buy before rates continue to increase, if you will be taking out a home loan.

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Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan jumped from 4.29 percent the previous week. Just two months ago, it was 3.35 percent — barely above the record low of 3.31 percent.

The average on the 15-year fixed mortgage rose to 3.53 percent from 3.39 percent last week. That’s the highest since August 2011.

Remember: the average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount and not all lenders charge the same fees.

Contact our great Mortgage Advisor in our full-service office, Rebecca Mott, at Coldwell Banker Home Loans / PPH. Her number is 708-364-6759 (also the number in the calendar above).