Mortgage rates continue to rise and the days of the 5.25 interest rate are gone, atleast for now.  The following rates are national averages according to bankrate.com

New York – 6.84 percent with 0.22 point

Los Angeles – 6.91 percent with 0.51 point

Chicago – 7.02 percent with 0.03 point

San Francisco – 6.95 percent with 0.27 point

Philadelphia – 6.77 percent with 0.31 point

Detroit – 6.95 percent with 0.01 point

Boston – 6.88 percent with 0.06 point

Houston – 6.96 percent with 0.4 point

Dallas – 6.89 percent with 0.49 point

Washington, D.C. – 6.7 percent with 0.66 point

Are Interest only loans still attractive?  You won’t build equity into your home and you’ll have to rely on consistent appreciation to make a considerable investment worthwhile.