U.S. mortgage rates rise Thursday - BestInfo

NEW YORK,- The average rate on a 30-year U.S. mortgage with no upfront points rose 1/8 of a percentage point on Thursday to 6-3/8 percent, according to BestInfo Inc.

If the mortgage market on Friday continues in its current direction, rates may remain the same.

The 30-year mortgage rate with one upfront point rose 1/8 of a percentage point to 6-1/8 percent.

The 30-year mortgage rate with two upfront points rose 1/8 of a percentage point to 5-7/8 percent.

The Mortgage Point Monitor is provided exclusively to Reuters by BestInfo. The company, formerly BestRates Inc., is a Dover, Vermont-based provider of mortgage market analysis.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.