Notes and Opinions from one of Arizona's Most Trusted Loan Teams

Speculation that the central bank could reverse its rate-cutting campaign later this year as a way to keep inflation in check drove up mortgage borrowing costs during the past week, according to Freddie Mac. Interest on 30-year loans settled at 6.32 percent in the latest survey, climbing from 6.09 percent the previous week to the highest level seen in eight months. Rates on 15-year fixed loans moved up to 5.93 percent from 5.65 percent for the week; while one-year adjustable-rate mortgages drifted up to 5.09 percent from 5.06 percent and five-year ARMs floated up to 5.70 percent from 5.51 percent.
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From "Mortgage Rates Hit 8-Month High"
Philadelphia Inquirer (06/13/08)

Keep in mind that your rates may not be anything like these "averages". See our previous blog about how much individual rates may be affected by property type, loan size, and credit scores. The point here is that rates are on the rise. If you need a loan, applying soon might be the best course.