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Factors contributing to rising mortgage rates include: signs that the economy is picking up speed, concern about swelling federal budget deficits and disappointment on Wall Street that the Federal Reserve didn't make a deeper interest rate cut in late June, economists say. 15 year mortgage rates are climbing to the highest level in a year, slowing - but not stopping - refinancing activity. The recent upward swing in mortgage rates marks a turnaround from the middle of June, when 15 year mortgage rates slid to 5.21%, the lowest level in more than four decades. Those factors have pushed bond rates up, causing long-term mortgage rates to rise. A year ago, 15 year mortgage rates averaged 6.22%, 15-year mortgages were 5.64% and one-year adjustable mortgages stood at 4.34%..

The current average mortgage interest rate across the USA as of August 8th, 2003 is about 6.125% for a 30 year FRM mortgage, and about 5.5% for a 15 year FRM mortgage. For most home buyers, especially first-time buyers, taking a 15 year mortgage rates is out of the question. The higher monthly payments are often too much to handle for these types of buyers. These mortgage interest rates will vary by state, and also by what mortgage package you qualify for. These mortgage interest rates change daily. We provide these rates only to give you an idea of what the current mortgage interest rates are. Conversely, a 15 year mortgage rates will have a higher monthly payment and a lower interest rate so you'll pay less for your house because you're paying it off in a shorter period. But for home buyers with sufficient income and a desire to be mortgage-free in a short time, a 15-year loan might be a good bet.