30-Year Mortgage Rates Rise Sharply
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The average rate on 30-year fixed-rate mortgages this week was 6.14%, up from last week’s rate of 5.94% and the highest since December, mortgage giant Freddie Mac reported.
For 15-year fixed-rate mortgages rates jumped to 5.44% this week, up from 5.27%. Rates for one-year adjustable-rate mortgages rose to 3.68%, up slightly from 3.67% last week.
The rates do not include add-on fees known as points. Each loan type carried an average fee of 0.5 of a point.
The government said the cost of funds index for savings institutions in the Federal Home Loan Bank’s 11th District fell to 2.113% from 2.13% in May. The index is a popular benchmark for adjustable-rate mortgages on the West Coast.
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