Current Mortgage Rates Jump Up To 5.23

The average rate on a 30-year fixed-rate mortgage jumped up to 5.23% for the week ending June 9, according to Freddie Mac.

The 30-year average rate reached a high of 5.30% on May 12 before steadily moving down to 5.09% last week.

Other loan categories grew. The 15-year fixed-rate mortgage averaged 4.38 percent and the 5/1 ARM averaged 4.12 percent.

For its rate survey, Freddie Mac looks at rates offered for the week ending each Thursday.

The average rate is what a borrower with good credit and a 20% down payment can expect right now.

The average rate a borrower with a 700 credit score and 20% down might expect is based on Money's daily mortgage rate survey.

If you are offered a rate that is higher than you expect, make sure to ask why and compare offers from multiple lenders.

A borrower with a 700 credit score and 20% down should expect this rate. Lender-specific rates fluctuate frequently.

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