Average 30-Year Mortgage Jumped to 4.66% Last Week
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The average 30-year fixed mortgage rate rose to 4.66 percent last week, according to Bankrate.com's weekly national survey. The rate is a 2-year high and is up from 4.48% last week as markets reacted to the latest jobs report, which showed the U.S. added 195,000 non-farm jobs to payroll in June versus an expected 165,000 additions. April and May jobs numbers were also revised higher.
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.
As recently as May 1st, the average 30-year fixed mortgage rate was 3.52 percent, Bankrate noted. 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.
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.
As recently as May 1st, the average 30-year fixed mortgage rate was 3.52 percent, Bankrate noted. 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.
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