The average interest
rates on 30 year mortgages across the United States and in Nevada
rose from 6.44 percent to 6.47 percent last week after declining for
six weeks straight. 15 year mortgage
interest rates also rose from 6.14 percent to 6.16 percent. One year
adjustable rate mortgages rose from 5.59 percent to 5.63 percent.
National mortgage interest rates as well as Nevada mortgage interest
rates have been on the rise since last year when 30 year mortgages averaged
5.71 percent, 15 year mortgages averaged 5.30 percent and the one year
ARM averaged 4.45 percent.
As new economic data is released, mortgage
rates are expected to continue to rise. However, mortgage interest
rates should remain within the 6.5 to 7 percent range for at least the
rest of the year. A slowdown in Nevada housing price appreciation can
help offset the rising mortgage interest rates as well.
Nevada lenders charged an average
of 0.4 percent in fees and points on 30 and 15 year mortgages and 0.7
percent on the one year ARM; these mortgage interest rates are all unchanged
from last week. The hybrid 5/1 ARM, which is set at a fixed rate for
five years, then adjustable each year following, rose from 6.11 percent
to 6.14 percent last week.