Mortgage rates rose slightly this week, but it was enough to put mortgage rates at their highest point since May 2011.
The benchmark 30-year fixed-rate mortgage rose this week to 4.8 percent from 4.78 percent, according to Bankrate’s weekly survey of large lenders. The last time the average 30-year fixed rate was this high was May 11, 2011, when the average rate was 4.82 percent.
Overall, mortgage rates have been on a steady climb this year. The average 30-year fixed rate was 4.1 percent on Jan. 3. However, some experts think mortgage rates might stabilize or even fall over the next week.
“The bond market appears to be settling down, with 10-year Treasury yields near 3 percent, and that will pull mortgage rates back a bit,” says Greg McBride, CFA, Bankrate’s chief financial analyst.
Mortgage rates this week
The benchmark 30-year fixed-rate mortgage rose this week to 4.80 percent from 4.78 percent, according to Bankrate’s weekly survey of large lenders. A year ago, it was 4.13 percent. Four weeks ago, the rate was 4.73 percent. The 30-year fixed-rate average for this week is identical to the 52-week high of 4.80 percent, and is 0.85 percentage points greater than the 52-week low of 3.95 percent.
The 30-year fixed mortgages in this week’s survey had an average total of 0.30 discount and origination points.
Over the past 52 weeks, the 30-year fixed has averaged 4.25 percent. This week’s rate is 0.55 percentage points higher than the 52-week average.
- The 15-year fixed-rate mortgage rose to 4.23 percent from 4.22 percent.
- The 5/1 adjustable-rate mortgage was flat at 4.19 percent.
- The 30-year fixed-rate jumbo mortgage rose to 4.65 percent from 4.64 percent.
At the current 30-year fixed rate, you’ll pay $524.67 each month for every $100,000 you borrow, up from $523.46 last week.
At the current 15-year fixed rate, you’ll pay $751.27 each month for every $100,000 you borrow, up from $750.76 last week.
At the current 5/1 ARM rate, you’ll pay $488.43 each month for every $100,000 you borrow, unchanged from last week.
Results of Bankrate.com’s weekly national survey of large lenders conducted May 23, 2018, and the effect on monthly payments for a $165,000 loan:
|Breakdown||30-year fixed||15-year fixed||5-year ARM|
|This week’s rate:||4.80%||4.23%||4.19%|
|Change from last week:||+0.02||+0.01||N/C|
|Change from last week:||+$2.00||+$0.83||N/C