Rates Are Up

Rates Are Up

Mortgage rates spiked again this week and reached their highest levels in two years, ruining refinancing plans for many homeowners while anxious homebuyers try to beat the clock.

30 year fixed rate mortgage  3 month trend
30 year fixed rate mortgage – 3 month trend
The benchmark 30-year fixed-rate mortgage rose to 4.66 percent, compared with 4.48 percent last week, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.28 discount and origination points. One year ago, that rate stood at 3.79 percent. Four weeks ago, it was 4.14 percent.The benchmark rate on the 30-year fixed has risen more than a full percentage point since May 1 when the rate stood at 3.52 percent. The last time the 30-year fixed was this high was July 27, 2011, when the rate was 4.74 percent.The benchmark 15-year fixed-rate mortgage rose to 3.75 percent this week, compared with 3.62 percent last week. The 15-year fixed is at its highest level since July 2011. The benchmark 5/1 adjustable-rate mortgage rose to 3.63 percent from 3.48 percent, and is at its highest level since April 2011. The benchmark 30-year fixed-rate jumbo mortgage rose to 4.82 percent from 4.66 percent. The last time the jumbo was higher was March 21, 2012.

Read more: http://www.bankrate.com/finance/mortgages/mortgage-analysis.aspx#ixzz2ZJzzyUcX 
Follow us: @Bankrate on Twitter | Bankrate on Facebook

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Phone: 864-918-0066
Dated: July 17th 2013
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