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Mortgage Rates Jump This Week

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Mortgage Rates Jump This Week

Mortgage rates were up modestly this week, with the benchmark 30-year fixed mortgage rate rising to a 2015 high water mark of 3.9 percent. The average 15-year fixed mortgage rate increased to 3.17 percent, while the larger jumbo 30-year fixed mortgage hit a two-month high of 4.1 percent.

Adjustable rate mortgages moved higher also, with the five-year adjustable jumping to 3.32 percent and the seven-year ARM bouncing higher to 3.51 percent. These are also the highest levels seen thus far in 2015.

Mortgage rates broke out this week after an extended period of calm, boosted by positive economic data and a surprisingly strong monthly employment report. Job growth, in particular, has surged significantly in recent months, enough to bring forward expectations of a Federal Reserve interest rate hike as early as the June meeting. It was these prospects for higher rates that helped push mortgage rates up over the past week.

Not every lender charges the same rate, or fees, so in order to get the best deal, you will need to shop around. (source: Bankrate.com)

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