U.S. mortgage rates moved higher for a second consecutive week, with the benchmark 30-year fixed mortgage rate climbing to 3.71%, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.34 discount and origination points, Bankrate.com adds.
The average rate for a 15-year fixed mortgage increased to 2.92%, while the average jumbo 30-year fixed rate inched lower to 3.99%. Rates for adjustable-rate mortgages (ARMs) also rose: Rates for five-year ARMs increased to 2.68%, while rates for 10-year ARMs climbed to 3.22%.
According to Bankrate.com, sudden ‘glass half-full’ economic sentiment continues to push bond yields and mortgage rates higher, and the benchmark 30-year fixed mortgage rate is now the highest since early April.
Despite the increase, however, mortgage rates have been in a narrow one-third of a percentage point range since December, the company adds. The last time the average mortgage rate exceeded 5% was April 2011.