Mortgage rates rise at fastest pace of the year

Mortgage rates rose this week at the fastest pace of the year, with lenders offering 30-year fixed-rate loans at an average of 4.23%, up from 4.12% last week. Translated into the terms borrowers actually receive, the increase would mean a loan at 4.25% interest per year instead of 4.125%.

The monthly payment on a 30-year, $350,000 fixed-rate loan would rise from $1,696 to $1,722. The average for a 15-year fixed-rate loan rose to 3.37% from 3.26%. The start rate for mortgages that become adjustable after five years at a fixed rate rose to 3.06% from 2.99%.

(Source: LA Times)

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