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TheStreet Open House

Bankrate: Mortgage Rates Jump Ahead Of Jobs Report

Stocks in this article: RATE

NEW YORK, Sept. 5, 2013 /PRNewswire/ -- Mortgage rates moved higher, with the benchmark 30-year fixed mortgage rate climbing to 4.72 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.29 discount and origination points.

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To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage increased to 3.74 percent, while the larger jumbo 30-year fixed mortgage rate rebounded to 4.88 percent. Adjustable rate mortgages were higher also, with the popular 5-year adjustable rate now at 3.65 percent and the 7-year ARM crossing back over the 4 percent threshold to 4.04 percent.

Some better economic news, in particular news on manufacturing and the Federal Reserve's Beige Book report, tilted the odds a little more in favor of the Fed beginning to dial back their stimulus later this month. However, the decision likely hinges on the upcoming employment report, with a strong report giving the Fed the cover they need to taper their bond purchases despite the looming debt ceiling and government budget debates.

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 4.72 percent, the monthly payment for the same size loan would be $1,039.68, a difference of $139 per month for anyone that waited too long.

SURVEY RESULTS

30-year fixed: 4.72% -- up from 4.62% last week (avg. points: 0.29)

15-year fixed: 3.74% -- up from 3.66% last week (avg. points: 0.25)

5/1 ARM: 3.65% -- up from 3.61% last week (avg. points: 0.23)

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