Mortgage rates inch up from early fall's record lows

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The average cost of four popular types of home loans rose a little over the past week, according to’s most recent survey of major lenders.

For the first time since September, none of the mortgage rates we track is resting on new record lows.

A new study by the Federal Reserve says another 2.3 million homeowners needed to take advantage of the exceptionally cheap interest rates it's engineered to refinance their homes last year.

But those borrowers couldn't qualify for a new loan because they failed to meet strict lending requirements or owed more than their homes were worth.

The Fed estimates that Americans hold $6.2 trillion in equity in their homes, less than half of the $13.2 trillion they held in 2005.

Our Oct. 12 survey found the average interest rate for a:

30-year, fixed-rate loan increased to 4.37% from 4.21% the previous week. This type of loan cost 4.47% this time last year.

15-year, fixed-rate loan rose from 3.46% last week to 3.59% this week. Last October it cost 3.85%.

30-year, fixed-rate jumbo loan -- mortgages that exceed $417,000 to $625,000, depending on the city -- grew to 4.90% from 4.82% last week. Last year, jumbo loans cost 5.10%.

5-year, adjustable-rate loan -- home loans on which the initial interest rate remains fixed for the first five years and then changes once a year after that -- increased to 3.26% from 3.11%. It cost 3.62% in mid-October 2010.

Our database of interest rates can help you find the best deals in your area, including many that are less costly than the national averages.

You can use our calculator to determine the monthly payments for the exact amount you want to borrow with this or any home loan.

It will also provide a month-by-month amortization schedule that shows how much you've reduced your debt and how much you still owe.

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