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How to cope with higher mortgage rates

Options when mortgage rates rise
Options when mortgage rates rise

Mortgage rates went up about half a percentage point in May 2013. That presents a dilemma for homebuyers and homeowners who want to refinance: Pay more each month or find a way to reduce the cost.

The solutions are few, and the trade-offs many, yet borrowers do have some options in addition to the traditional 30-year fixed-rate mortgage. Here are the pros and cons of each.

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Mortgage Overnight Averages
Product Rate +/- Last week
30 yr fixed mtg
3.98% 4.06%
15 yr fixed mtg
3.09% 3.19%
5/1 ARM
2.85% 2.83%
30 yr fixed mtg refi
3.97% 4.05%
View rates in your area:
 

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