Mortgage Rates up a Little Above 5%

Low mortgage rates maybe a thing of the past as the average rate on a 30 year-fixed-rate home loan rose above 5% last week. According to an L.A. Times Article: "The average rate on a 30-year fixed-rate loan, assuming a 20% down payment, increased to 5.02% from 4.89%."

The average 15-year rate rose as well from 4.32% to 4.44%. Applications for purchase loans slipped 5% last week from the previous week, the bankers group said. Applications for refinance loans, which have made up about two-thirds of the total recently, edged down 0.1%. The decline in overall applications was 1.8%.