Bankrate: Mortgage Rates Hit a 2-Year High

Mortgage rates rebounded following a better-than-expected jobs report, with the benchmark 30-year fixed mortgage rate rising to 4.66 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.28 discount and origination points. (Logo: http://photos.prnewswire.com/prnh/20040122/FLTHLOGO) To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/. The average 15-year fixed mortgage increased to 3.75 percent, while the larger jumbo 30-year fixed mortgage rate climbed to 4.82 percent. Adjustable rate mortgages moved higher also. The popular 5-year adjustable rate jumped to 3.63 percent, the highest in more than two years, while the 10-year adjustable hit 4.07 percent. This week's jump in mortgage rates, which more than wiped out last week's retreat, came after the release of the monthly employment report. Job growth for June that exceeded expectations, coupled with upward revisions to April and May payrolls, were evidence of the type of improvement the Fed will need to see to begin curtailing their bond purchases. And for that reason, we saw further increases in both bond yields and mortgage rates, to levels above where they were following Ben Bernanke's late June press conference. As recently as May 1st, 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 4.66 percent, the monthly payment for the same size loan would be $1,032.47, a difference of $132 per month for anyone that waited just a little too long. SURVEY RESULTS 30-year fixed: 4.66% -- up from 4.48% last week (avg. points: 0.28) 15-year fixed: 3.75% -- up from 3.62% last week (avg. points: 0.26) 5/1 ARM: 3.63% -- up from 3.48% last week (avg. points: 0.33) Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets. For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/. The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. There is no clear consensus this week, with 42 percent of respondents expecting mortgage rates to remain more or less unchanged. One-third predict that rates will continue to rise, while 25 percent forecast a retreat in mortgage rates over the coming week. For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI To download the Bankrate Mortgage Calculator & Mortgage Rates iPhone App 2.0 go to https://itunes.apple.com/us/app/bankrate-mortgage-calculator/id551454062?mt=8.