This Week's Mortgage Rates Report

 

Mortgage rates are climbing, according to Bankrate Inc.

The financial services firm that closely tracks the data says rates increased for a second consecutive week. 

The benchmark 30-year fixed mortgage rate hit a two-month high of 4.48%, according to Bankrate.com's weekly national survey, up from 4.35% last week. The average 30-year fixed mortgage has an average of 0.36 discount and origination points.

The average 15-year fixed mortgage increased to 3.49%, from 3.42% a week ago, with average points at .26, according to this morning's report, while the larger jumbo 30-year fixed mortgage rate rose to 4.51%.

Adjustable rate mortgages also rose: a five-year adjustable rate mortgage increased to 3.33%, up from 3.25% with .24 average points, and the 10-year adjustable rate increased above the 4%, to 4.06%.    

Bankrate attributes the increases to a better-than-expected employment report, "further vanquishing any lingering worries about a government shutdown-induced economic slowdown."

The report notes that as of May 1, the average 30-year fixed mortgage rate was 3.52 percent.

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

 

comments powered by Disqus