Thinking about taking out a mortgage loan? Current mortgage rates rise to 6.99% for 30-year terms, while 15-year terms increase to 6.25%.

There has been a bit of a confusion when it comes to buying a home in America right now: it appears that interest rates are cooling off, yet mortgage rates have gone up. If you had to do a

The current median interest rate is 6.99% for a 30-year fixed-rate mortgage and 6.25% for a 15-year fixed-rate mortgage

Mortgage costs are rising - with the average rate on a two-year fixed deal now at 5.5% - despite a recent cut in interest rates. A string of lenders, including Barclays, HSBC, NatWest and Nationwide, have increased the rates charged on new fixed deals in recent days.

With a 5/1 ARM, you'll score some savings for the first five years, but it's not all good news. There are risks involved, too.