IN BRIEF : Home Mortgage Rates Increase
Fixed-rate mortgage rates rose 0.03 percentage points this week and adjustable-rate deals were up by 0.04 percentage points, the Federal Home Loan Mortgage Corp. said today.
The agency, which buys mortgages from lenders and packages them as securities for sale to investors, said interest on fixed-rate loans increased to 10.80% this week, up from 10.77% last week. Adjustable-rate mortgages averaged 8.53%, up from 8.49% from last week.
The fixed-rate average is for a 30-year loan covering 80% of a home’s cost. The adjustable-rate average also is for 30 years but for 75% of the home price.