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Refinancing Chance May Have Passed

Mortgage rates rose on the week.

Want to refinance your mortgage?

You may have missed your opportunity.

Even if your credit is strong enough to refinance, mortgage rates spiked this week, according to a survey by

Freddie Mac



The average rate on a 30-year, fixed-rate mortgage surged 20 basis points to 6.24%, with an average 0.5 point during the week ended Thursday, according to the survey. (A basis point is 1/100th of a percentage point.) The rate now exceeds its levels from a year ago, when it averaged 6.18%.

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It's been a bumpy ride for mortgage rates this year. January saw the steepest four-week drop in rates since October 2003, according to Freddie's Primary Mortgage Market survey data. Since then, they've climbed 80 basis points.

As rates climb, refinancing may slow. "Refinancing activities, which had surged to a 12-month high in January, according to Freddie Mac's monthly refi share report, are likely to ebb following this recent rise in rates," said Frank Nothaft, Freddie Mac vice president and chief economist.

Other rates also rose on the week.

Rates on 15-year FRMs increased by 8 basis points to 5.72% with an average 0.5 point; rates on five-year Treasury-indexed hybrid adjustable-rate mortgages rose 6 basis points to 5.43% with an average 0.4 point; and the rates on one-year Treasury-indexed ARMs rose 13 basis points to 5.11%, with an average 0.7 point.

Freddie Mac surveys lenders about rates on conventional mortgages of less than $417,000 to borrowers with good credit.

The survey doesn't reflect rates on jumbo loans of over $417,000 or loans to borrowers with weak credit.

Freddie Mac's numbers are averages. You can search for the best rates offered by lenders in your area on Just make sure you understand whether the lender is discounting the rate it quotes you by charging a "point," or fee, based on the size of the loan.