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Closely watched mortgage rate up for Tuesday

30-year fixed mortgages

The average rate for a 30-year fixed mortgage is 4.58 percent, an increase of 4 basis points over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.75 percent.

At the current average rate, you’ll pay principal and interest of $511.45 for every $100,000 you borrow. That’s an increase of $2.39 over what you would have paid last week.

You can use Bankrate’s mortgage calculator to get a handle on what your monthly payments would be and find out how much you’ll save by adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 3.80 percent, down 6 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $730 per $100,000 borrowed. That’s clearly much higher than the monthly payment would be on a 30-year mortgage at that rate, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much faster.

Good news for savers: The top online savings account yields finally beat inflation

Few consumers have taken advantage of the opportunity to earn more interest . In a recent survey, Bankrate found that 13 percent of respondents weren’t earning any interest at all. Just 6 percent were earning more than 2 percent APY.

Thinking beyond inflation

Beating inflation is a big deal for consumers. Inflation erodes your purchasing power, meaning that over time you’ll need more money to pay for goods and services as prices rise.

In addition to thinking about inflation, consumers should keep in mind that taxes can also reduce the value of their savings.

What’s key is not only beating inflation, but “beating inflation plus their tax rate,” says Lou Stanasolovich, founder and CEO of Legend Financial Advisors in Philadelphia.

“Beating inflation is called a real yield; beating inflation and taxes is a real, real yield,” Stanasolovich says. “That’s typically why any kind of savings vehicle — whether it’s a savings account, money market fund, CDs — usually are not good investments as a long-term type of investment. They are good for short-term money, meaning generally six months or less.”

Mortgage Rates?

My mortgage rate went up extremely high and now I'm in aw of it dont want to loose my house...What shall i do...I though that a Fixed rate would keep me at my same payment...Someone with a lot of knowledge plz help...And Thank You for your help ...

I wish I could help you more. 1) Find a good, reputable mortgage broker in your area. They can look over what you have and explain it.