Mortgage rates for 2013 are rising quickly these past several months, reaching a two-month high.
As previously reported by The Inquisitr, mortgage rates were at an all-time low in the fall of 2012 due to fears over the fiscal cliff. But mortgage rates in April of 2013 stayed low well after that financial crisis was handled, er…kicked down the road.
In recent years mortgage rates for a 30-year fixed loan were at 3.31 percent, the lowest on records dating to 1971. The average on the 15-year fixed mortgage were as low as 2.63 percent, also a record low.
In March of 2013, 30-year fixed mortgage rates jumped to 3.88 percent, but FHA based mortgage rates were still around 3.45 percent. Mortgage rates for 15-year fixed loans also broke the three percent barrier, rising to 3.08 percent. But then a pullback occurred in April.
May of 2013 is seeing mortgage rates rise again. 30-year fixed-rate mortgage rates jumped to 3.74 percent this past week, while 15-year fixed mortgage rates increased to 2.97 percent.
But FHA mortgage rates are still quite a deal. The average rate for a 30-year fixed mortgage climbed to 3.59 percent, jumping up from 3.51 percent. The average 15-year rate increased to 2.77 percent from 2.69 percent.
With mortgage rates still at relative historical lows, do you plan on constructing a new house or refinancing?