Industry News

Rates on ‘agency-eligible’ conforming loans fall

Cost of riskier loans continues to rise

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Rates on adjustable-rate and jumbo mortgages that exceed the $417,000 conforming loan limit continue to climb, even as rates on 30-year fixed-rate mortgages hit lows not seen since March. Bankrate.com's weekly survey of lenders showed the average conforming 30-year fixed mortgage rate at 6.17 percent, with an average of 0.36 discount and origination points. That's down from 6.29 percent a week ago. Average rates on 15-year fixed-rate mortgages -- often used to refinance -- fell by a similar amount, to 5.85 percent with 0.34 points. The average jumbo 30-year fixed rate continued to move higher, rising 4 basis points from a week ago to 7.24 percent, Bankrate.com reported. Rates on adjustable-rate mortgage (ARM) loans were also higher, with the average one-year ARM rising to 6.08 percent, and the average 5/1 ARM climbing to 6.21 percent with an average of 0.27 points, up from 6.15 percent a week ago. Bankrate attributed the divergent movement in interest rates to continued ne...