March 14, 2013
/PRNewswire/ -- Fixed mortgage rates showed a big increase this week, with the benchmark 30-year fixed mortgage jumping to 3.85 percent this week, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.35 discount and origination points.
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The average 15-year fixed mortgage rate climbed higher this week (3.03 percent), as did the larger jumbo 30-year fixed mortgage, jumping to 4.18 percent. Adjustable rate mortgages were mixed, with the 3-year ARM slipping to 3.00 percent, the 5-year ARM rising to 2.82 percent, and the 7-year ARM inching up to 2.99 percent.
Mortgage rates jumped to a 7-month high following a report of robust job growth and encouraging economic data on business investment and retail sales. The benchmark 30-year fixed mortgage rate, now at 3.85 percent, is the highest since it was 3.91 percent on
Aug. 22, 2012
. Positive economic news leads to higher bond yields, as evidenced by the 10-year Treasury note climbing back above the 2 percent threshold. Mortgage rates are closely related to yields on long-term government bonds, with mortgage rates following suit and moving higher also.
The last time mortgage rates were above 5 percent was
. At the time, the average 30-year fixed rate was 5.07 percent, meaning a
loan would have carried a monthly payment of
. With the average rate currently at 3.85 percent, the monthly payment for the same size loan would be
, a difference of
per month for anyone refinancing now.
30-year fixed: 3.85% -- up from 3.73% last week (avg. points: 0.35)15-year fixed: 3.03% -- up from 2.96% last week (avg. points: 0.35)5/1 ARM: 2.82% -- up from 2.68% last week (avg. points: 0.21)