Lending

Mortgage Rates Inch Up, Vets to Pay More

Rates for home loans increased modestly in the holiday shortened week ending July 3. So reports MarketWatch.

The 30-year fixed mortgage averaged 3.75%, while the 15-year fixed-rate mortgage averaged 3.18%. Both were up just two basis points.

However, the cost of borrowing for veterans will soon increase. President Trump signed legislation in late June (The Blue Water Navy Vietnam Veterans Act) that will increase the fees for those taking out VA-backed mortgages. The legislation aims to extend benefits to Navy veterans exposed to Agent Orange and the higher fees on borrowers will help offset the cost of extending those benefits. 

Read the full article from MarketWatch.

Related Content

New Home Purchase Mortgage Applications Up 17.9% Over Last June

House Passes Bill to Cut FHA Costs for First-time Homebuyers

Consumer Borrowing Climbs for Second Month in a Row