According to Bankrate.com, mortgage rates are rising swiftly. Rates are still historically low, but some of our buyer clients who chose not to rate lock were in for a nasty surprise when their quoted rate went up 1/2%. We all knew that rates had to go up, so this isn’t exactly a surprise, but now that it’s happening, it’s unsettling to see and will obviously begin impacting purchasing power and monthly payments for our clients.
Here’s what they had to say about rates just over the past couple of weeks:
Mortgage rates rose again this week, according to Bankrate’s latest survey of large lenders.
The benchmark 30-year fixed-rate mortgage climbed 9 basis points to 4.1 percent. The benchmark 15-year fixed-rate mortgage shot up 12 basis points to 3.33 percent.
A basis point is one-hundredth of 1 percent.
The typical 30-year fixed-rate jumbo jumped 7 basis points to 4.08 percent. For the purposes of Bankrate’s survey, a jumbo mortgage is a loan that is at least $650,000.
The average 5/1 adjustable-rate mortgage rose 5 basis points to 3.44 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.