This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bankrate: Mortgage Rates Jump To 2-Year High

NEW YORK, Aug. 22, 2013 /PRNewswire/ -- Fixed mortgage rates climbed this week, with the benchmark 30-year fixed mortgage rate jumping to the highest point in more than two years at 4.74 percent, according to's weekly national survey. The average 30- year fixed mortgage has an average of 0.28 discount and origination points.

(Logo: )

To see mortgage rates in your area, go to

The average 15-year fixed mortgage bounded higher to 3.75 percent, while the larger jumbo 30-year fixed mortgage rate leapt to 4.88 percent. Adjustable rate mortgages were mostly higher, reaching levels not seen since April 2011, with the popular 5-year adjustable rate now 3.69 percent and the 7-year ARM at 4.04 percent.  

Mortgage rates moved higher as investors took a glass half full outlook on economic data, particularly weekly unemployment claims filings. Bond yields, to which mortgage rates are closely related, increased to two-year highs on speculation of a September start to tapering of the Federal Reserve's bond purchases. While nothing is official yet, and likely won't be at least until we get to the other side of the jobs report in early September, the markets have clearly priced in the expectation of Fed tapering at that point.

As recently as May 1 st, the average 30-year fixed mortgage rate was 3.52 percent. At that time, a $200,000 loan would have carried a monthly payment of $900.32. With the average rate currently at 4.74 percent, the monthly payment for the same size loan would be $1,042.09, a difference of almost $142 per month for anyone that waited too long.


30-year fixed: 4.74% -- up from 4.57% last week (avg. points: 0.28)

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,081.89 -49.97 -0.29%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,796.6090 -42.0340 -0.87%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs