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Bankrate: Mortgage Rates Hit 4-Month High
added: 2010-12-03

Mortgage rates moved up notably this week, with the average rate on the benchmark conforming 30-year fixed mortgage rate rising to 4.71 percent, according to's weekly national survey. The average 30-year fixed mortgage has an average of 0.36 discount and origination points.

The average 15-year fixed mortgage increased to 4.07 percent, and the larger jumbo 30-year fixed rate did as well, settling at 5.29 percent. Adjustable rate mortgages were also on the rise, with the average 5-year ARM climbing to 3.74 percent and the average 7-year ARM jumping to 4.08 percent.

Good news regarding the U.S. economy alternated with European debt worries and tensions on the Korean Peninsula. Despite ample nervousness among investors – a condition that would typically drive rates lower – mortgage rates posted a notable increase for the second time in three weeks. The November employment report due Friday Dec. 3 could be the catalyst for the next move in mortgage rates, with evidence of solid private sector job growth fuel for higher rates.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.71 percent, the monthly payment for the same size loan would be $1,038.48, a savings of $203 per month for a homeowner refinancing now.


30-year fixed: 4.71% -- up from 4.58% last week (avg. points: 0.36)

15-year fixed: 4.07% -- up from 3.97% last week (avg. points: 0.35)

5/1 ARM: 3.74% -- up from 3.66% last week (avg. points: 0.38)

Source: PR Newswire

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