Mortgage interest rates are on the rise right now. As the economy begins to show some signs that a recovery might be happening, interest rates inch up. As a result, mortgage applications are down. With the deals becoming less enticing, in terms of mortgage interest rates, it is little surprise that some are rethinking their desire for a new home loan, be it a refinance or a new purchase.

However, even with the upward movement of mortgage interest rates, it is still possible to find great deals on home loans. The Mortgage Bankers Association reports that a 30-year fixed rate is averaging about 5.38%, while a 15-year mortgage is 4.71%.

It is not always easy to get these rates, though. Lending standards are still somewhat tight, and some applicants are having trouble getting approved for home mortgage loans. Additionally, to get the mortgage interest rates advertised, borrowers have to pay points. MarketWatch reports on the points required for the best mortgage interest rates:

To obtain the rates, the 30-year fixed-rate mortgage required payment of an average 1.18 points, the 15-year fixed-rate mortgage required an average 1.20 points and the 1-year ARM required an average 0.08 point. A point is 1% of the mortgage amount, charged as prepaid interest.