Mortgage Rates Continue Upward Trend
Mortgage rates climbed this week, according to Bankrate's latest survey of large lenders.
The benchmark 30-year fixed-rate mortgage rose 5 basis points to 3.69%. The benchmark 15-year fixed-rate mortgage rose 3 basis points, to 2.96%.
A basis point is one-hundredth of 1%.
The typical 30-year fixed-rate jumbo shot up 7 basis points to 3.74%. For the purposes of Bankrate's survey, a jumbo mortgage is a loan that is at least $650,000.
The average 5/1 adjustable-rate mortgage went up 3 basis points to 3.14%. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
Mortgage applications decreased 1.2% from last week, according to the Mortgage Bankers Association.
