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Mortgage Rate Update: December 17th, 2010

Average mortgage rates increased again this week, with the average rate on conforming 30-year fixed mortgages rising to 5 percent. The average 30-year fixed mortgage rate hit 5 percent for the first time since May 2010. On Nov. 3, mortgage rates were at a record low of 4.42 percent.

Historically, the last time mortgage rates were above 6.0% was in November of  2008. The average rate at that time was 6.33%. A $200,000 loan would have carried a monthly payment of roughly $1,241.86. At today’s 5 percent, the monthly payment for a $200,000 loan would be $1,073.64, a difference of $168 per month for a homeowner.

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