Mortgage Rates Rise for Week of March 29

Mortgage rates are rising but remain affordable for home buyers as well as homeowners considering refinancing. As spring and summer home shopping season gears up, homeowners begin planning for home improvement and remodeling projects. Shop for your best deal on mortgage and refinance rates today.

HSH Associates reports that combined average mortgage rates for the week of March 29 rose across the board. Mortgage rates for a 30-year fixed-rate mortgage (FRM) moved up 7 basis points, from 5.34% to 5.41%, while rates for a 15-year FRM increased by 6 basis points from last week's 4.73% to 4.79%. The 5/1 adjustable-rate mortgage loan moved up only two basis points, from 4.48% to 4.50% The 5/1 hybrid ARM mortgage can be attractive to first-time buyers and others who appreciate an initial stable low payment that adjusts after five years.

Home Shopping and Home Improvement Activity Heats up with Warmer Weather

Whether you're looking for your next home or want to expand and improve the one you already have, spring and summer are typically the busiest seasons for buying homes and making major improvements. Analysts are predicting ongoing increases in mortgage rates, so locking in your best deal right now could help you save on a mortgage loan.

If you're considering a cash-out refinance mortgage to help make home improvements, it's important to establish the current market value of your home to learn how much you can borrow with refinancing.

Refinancing for Home Improvement: Getting the Most for Your Investment

Before shopping for refinancing options, estimate how much your home is currently worth and how much your planned improvements can add to home value. Your return on making home improvements can vary according to where you live and which amenities buyers in your neighborhood prefer. Local real estate professionals can help with estimating your home's current value and its potential value after improvements are made. Comparing estimates for home improvements to your home's current and projected value after improvements can help you decide which upgrades can add the most home value.

Our live database of current mortgage rates can help you find the best mortgage rates in your area.