Bankrate reports an increase in mortgage rates across the United States on Tuesday, March 7 compared to the previous day and the previous week.
The average daily rate for a 30-year fixed-rate loan reached a 52-week high of 7.18%, up 4 basis points from the previous day's 7.14% and up 10 basis points from a week ago.
For 30-year fixed-rate loans, the current refinancing rate is 7.14%, up 2 bps from the previous day and down 4 bps from the previous week.
The average rate for a 15-year fixed mortgage was 6.28%, up 4 basis points from the previous day and down 4 basis points from the previous week.
Rates for jumbo loans, which are used to finance properties that cost more than a conventional conforming credit allows (typically around $647,000),
Reached a 52-week high of 7.28%, up 4 basis points from the previous day and up 14 basis points from the previous week.
5/1 adjustable-rate mortgages, which have a set rate for five years and then rise or fall each year
averaged 5.81%, up 1 basis point from the previous day and 8 basis points from last week. 5/1 ARMs set a 52-week high on Tuesday.
30-year, FHA-insured mortgage rates rose 8 basis points from the previous day and 11 basis points from the previous week to 6.15%.
VA-backed mortgages rose 14 basis points from the previous day and 25 basis points from the previous week to 6.50%.