By: Dennis Norman
Today, Bankrate, Inc. issued their weekly mortgage interest rate report showing that mortgage rates jumped this week with 30-year fixed-rate mortgages averaging 5.65%, up from 5.45% last week, with an average of 0.44% in discount and origination fees.
The report shows 15-year fixed-rate mortgages were also higher this week at an average of 5.06%, up from 4.86% last week and the rate for 30 year fixed-rate jumbo loans came in at 6.68%.
While rates are not at the lowest they have been recently they are still near historic lows. One year ago the average 30-year fixed-rate mortgage was at 6.52% so even with rates increasing the past two weeks they are still significantly lower than the recent past and at near-historic lows.
Something to keep in mind is the Federal Reserve is still setting on over a trillion dollars in their mortgage buyback program and if they increase their buying of loans could help bring interest rates down. The Fed has their next Federal Open Market Committee meeting in about 3 weeks and my guess is if they are going to do anything it will be announced after that meeting.
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