The average 30-year fixed mortgage has an average of 0.35 discount and origination points.

The average 15-year fixed mortgage rate climbed higher this week (3.03%), as did the larger jumbo 30-year fixed mortgage, jumping to 4.18%.

Adjustable-rate mortgages were mixed, with the 3-year ARM slipping to 3.00%, the 5-year ARM rising to 2.82%, and the 7-year ARM inching up to 2.99%.

Mortgage rates jumped to a 7-month high following a report of robust job growth and encouraging economic data on business investment and retail sales. The benchmark 30-year fixed mortgage rate, now at 3.85%, is the highest since it was 3.91% on Aug. 22, 2012. Positive economic news leads to higher bond yields, as evidenced by the 10-year Treasury note climbing back above the 2% threshold. Mortgage rates are closely related to yields on long-term government bonds, with mortgage rates following suit and moving higher also.

The last time mortgage rates were above 5% was Apr. 2011. At the time, the average 30-year fixed rate was 5.07%, meaning a $200,000 loan would have carried a monthly payment of $1,082.22. With the average rate currently at 3.85%, the monthly payment for the same size loan would be $937.62, a difference of $145 per month for anyone refinancing now.

Full Survey Results

  • 30-year fixed: 3.85% — up from 3.73% last week (avg. points: 0.35)
  • 15-year fixed: 3.03% — up from 2.96% last week (avg. points: 0.35)
  • 5/1 ARM: 2.82% — up from 2.68% last week (avg. points: 0.21)

Source: Bankrate.com