Mortgage rates for March 13, 2014

Mortgage rates edged up this week after a better-than-expected employment report surprised investors. I'm Doug Whiteman with your weekly look at mortgage rates.

The benchmark 30-year fixed-rate mortgage rose to 4.5 percent, up 5 basis points from last week, according to Bankrate's national survey of large lenders. The 30-year jumbo fixed-rate rose to 4.54 percent, up 5 basis points as well.

The 15-year fixed-rate mortgage rose to 3.51 percent from 3.46 percent last week, and the benchmark 5/1 adjustable-rate mortgage rose to 3.3 percent from 3.26 percent.

Markets overreacted to the better-than-expected jobs report, but the exultation didn't last long. Most of the mortgage activity happened early in the week, and interest rate movement has calmed in recent days.

Now, all eyes shift to the Federal Reserve meeting next week. The Fed is expected to announce another round of cuts to its bond-purchasing program at this meeting.

This stimulus program has been reduced from $85 billion per month to $65 billion in the past two Fed meetings. Whether the Fed decides to suspend the tapering of asset purchases or to go for a third round of cuts, mortgage rates will probably be affected.

To shop for the very best mortgage rates in your area, check out the rate tables at I'm Doug Whiteman.


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