Rates for a 15-year adjustable-rate mortgage or ARM, also rose, to 2.93%, while a 5/1 ARM ticked up to 2.8%.
Higher rates will accompany higher home costs tied to short supply, according to the National Association of Realtors. In the fourth quarter, mortgage payment for an average single-family home valued around $361,700, with a 20% down payment, was $1,240 or $201.
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