As the heat of summer goes up – so does interest rates

30 year fixed mortgage rates trended higher this week with Freddie Mac reporting a slight rise in the average rate from 4.51% to 4.52%. In positive news, prospective buyers with less than 20% down will benefit from a dip in the rates private mortgage insurers charge. Starting on Monday, this will save the buyer of a $250,000 home with 10% to put down $22 monthly.

Here are current rates for purchase loans on single-family homes greater than $150,000 with 20% down and 740+ credit scores

Conf 30 year fixed to $417,000: 4.5%

Conf 30 year fixed ($417,000-$535,900):  4.625%

FHA 30 year fixed: 4.25%

FHA 5/1 ARM: 3.25%

Jumbo 30 year fixed ($528,750+):  5.0%

All rates reflect 1 origination, 0 discount points. Please note rates do vary by credit score, loan amount,  rate lock period, occupancy and loan to value.

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