I'm Lucas Wysocki with your weekly look at mortgage rates. Mortgage rates moved higher this week propelled by strong economic winds. The 30-year fixed-rate mortgage rose 12 basis points to 3.85 percent. And the 15-year fixed-rate mortgage rose 7 basis points to 3.03 percent.
The average rate for 30-year jumbo mortgages rose 12 basis points to 4.18 percent.
And adjustable rate mortgages were also up, the 5/1 ARM rose 14 basis points to 2.82 percent.
With the Dow finishing its 9th day in a row up and news of an improved labor market, it's no wonder rates are moving higher. Positive economic news tends to cause investor confidence to increase. Investor confidence causes rates on government bonds to increase and mortgage rates are closely related to those government bonds.
To find the best mortgage rates in your area, use the free search engine at Bankrate.com. I'm Lucas Wysocki.