As applications for home purchase loans saw a weekly surge, mortgage rates rose in Bankrate's latest weekly survey.
The average rate on the benchmark 30-year fixed-rate mortgage climbed by seven basis points, to 5.08 percent.
The 15-year fixed-rate mortgage rose slightly, to an average of 4.27 percent, up two basis points. Jumbo fixed mortgages averaged 5.57 percent, up by two basis points.
Although U.S. home prices remain weak, the Mortgage Bankers Association said applications for home purchase loans rose 6.7 percent in its latest weekly survey. The increase largely resulted from a 10.3 percent increase in government-backed loans. Borrowers were likely motivated to apply before a scheduled increase in FHA insurance premiums this month.
Since mortgage rates can often move wildly in a short period of time, it's important to be shopping around for the best deal. To check mortgage rates in your area, be sure to go to Bankrate.com. I'm Kristin Arnold.