June 6, 2013
/PRNewswire/ -- Mortgage rates increased for a fifth consecutive week, with the benchmark 30-year fixed mortgage rate climbing to 4.1 percent, according to
's weekly national survey. The average 30-year fixed mortgage has an average of 0.3 discount and origination points.
To see mortgage rates in your area, go to
The average 15-year fixed mortgage increased to 3.28 percent, while the larger jumbo 30-year fixed mortgage rate is now at 4.27 percent. Adjustable rate mortgages bounded higher also, with rates hitting the highest levels since last summer. The average 5-year adjustable rate is now 2.93 percent, a level last seen in August of last year, and the 10-year ARM is at 3.48 percent, the highest since June of last year.
Mortgage rates crossed the 4 percent mark for the first time in 13 months, reaching the highest level since
. Mortgage rates have increased sharply and suddenly on concerns that the Federal Reserve will begin withdrawing the
of monthly bond-buying stimulus. But we're still in a slow growth economy, with high unemployment, and an active Fed, and any disappointing economic news will almost certainly bring mortgage rates lower.
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 4.1 percent, the monthly payment for the same size loan would be
, a difference of
per month for anyone refinancing now.
30-year fixed: 4.10% -- up from 3.99% last week (avg. points: 0.3)15-year fixed: 3.28% -- up from 3.21% last week (avg. points: 0.26)5/1 ARM: 2.93% -- up from 2.81% last week (avg. points: 0.25)