Rates on both 15 year and 30 year mortgages increased to their highest levels for the past six months. The average rate for a 30 year fixed mortgage climbed to 4.84% from 4.66%. Rates for the average 15 year mortgage similarly rose to 4.21% from 3.98%.
Although rates continue to climb, they are still very low compared to historic numbers. Homeowners and and potential buyers would still receive good rates compared to rates 15 years ago. You should speak with your mortgage professional to see if refinancing or obtaining a mortgage makes financial sense for your particular situation.
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