If there are folks out there waiting to refinance their mortgage or to buy a home in the hopes those mortgage rates would go down even further may have lost their opportunity.
Mortgage rates have been at or near record lows, jumped this week to their highest level since August, according to Freddie Mac's weekly survey, released Thursday.
Rates on the 30-year fixed-rate mortgage leaped to an average 4.39% for the week ending Nov. 18, its highest rate since early August, up from 4.17% last week, according to Freddie Mac's survey of conforming mortgage rates. The mortgage averaged 4.83% a year ago. The 15-year loan, climbed to 3.76 percent from 3.57 percent, the lowest level since that survey began in 1991.
A combination of factors, including a fear of inflation and reaction to the Federal Reserve's plan, known as QE2, to purchase up to $600 billion in government bonds, likely led to the spike.
To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday each week. Rates often fluctuate significantly, even within a single day.
Rates on five-year adjustable-rate mortgages averaged 3.4 percent, up from 3.25 percent, the lowest rate on records dating to January 2005. Rates on one-year adjustable-rate home loans were unchanged at 3.26 percent.
The rates don't include the add-on fees known as points. One point is equal to 1 percent of the total loan. Contact your mortgage broker or banker for more information. If you don't have a mortgage broker, feel free to contact me for local brokers.
BUT, let's not forget that mortgage rates are still very, very low in historic terms.
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