- 4.62% (30-year fixed)
- 0.37 (average points)
Here's a look at the state of mortgage rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Nov. 17, 2010.
In a tumultuous week for the world's financial markets, mortgage rates surged to their highest level in months.
The average 30-year fixed-rate mortgage climbed a significant 16 basis points, to 4.62 percent from 4.46 percent last week. A basis point is one-hundredth of 1 percentage point. The last time the 30-year mortgage was higher than that was Aug. 18, when Bankrate's weekly survey found an average rate of 4.63 percent.
The story was much the same for the 15-year fixed-rate mortgage. It had an even steeper climb, rising 18 basis points to 4.02 percent from 3.84 percent a week earlier. The last time 15-year mortgages were higher was in early September, when they were at 4.06 percent.
The popular 5/1 ARM product also rose, going to 3.71 percent from 3.62 percent, a gain of 9 basis points.
The financial markets globally have been roiled by news that includes a highly negative response globally to the Federal Reserve's "QE2" program, which is designed to pump money into the American banking system. At a recent G-20 summit meeting of developed nations, however, President Barack Obama faced harsh criticism, with other countries complaining QE2 will drive down the value of the dollar.
Earlier this week, global markets also were rocked by a financial crisis in Ireland, which some fear could spread to other European countries.
Although the U.S. housing market remains in a slump, the National Association of Realtors said this week that half of the metro areas it tracks showed modest home price increases in the third quarter. However, the national median price for existing single-family homes was little changed, dropping to $177,900 in the third quarter compared to $178,200 in the third quarter of 2009.
Find out monthly mortgage payments using Bankrate's mortgage calculator.-- Gregg Fields