Rates Continue Steady but Slow Ascent

Rates on a 30-year mortgage continue their steady ascent. Edging up slightly this week, Florida home loan rates posted the 10th consecutive increase- resulting in the highest level in more than two years.

According to Freddie Mac the nationwide average for 30-year fixed-rate mortgage rose a hundredth of a percentage point to 6.37 percent from last week’s 6.36 percent.

• Rates on 15-year, fixed-rate mortgages rose to 5.90 percent from 5.89 percent.
  
• One-year adjustable rate mortgages rose to 5.20 percent from 5.12 percent.
  
• Rates on five-year hybrid adjustable rate mortgages rose to 5.86 percent from 5.81 percent.

As with many mortgages, the rates do not include add-on fees known as points. All categories of mortgages in the Freddie Mac survey carried a nationwide average fee of 0.6 point last week.

Representing a significant change in direction the 30-year mortgage is now nearly a full percentage point above its low-point of this year of 5.53 percent set the week of June 30. The current rates still represent an overall historical low. According to the Florida Association of Realtors the market remains consistent despite both rising rates and prices. However a proliferation of properties indicate the beginning of a downtrend.