The Fed said it might raise interest rates sooner than expected, so mortgage rates increased this week. I'm Polyana da Costa with your weekly look at mortgage rates.
The 30-year fixed rate rose to 4.51 percent this week in Bankrate's national survey. That's up 5 basis points from last week. The jumbo 30-year fixed rate was 4.53 percent. That's 7 basis points higher than last week.
The 15-year fixed-rate mortgage climbed to 3.56 percent. That's up 8 basis points from last week. And the 5/1 ARM increased 10 basis points to 3.36 percent.
When did mortgage rates start increasing? Last week, during a news conference with the new Fed Chair Janet Yellen, who spoke after the Fed's monetary policy meeting.
It looks like Yellen made investors anxious. She said the Fed could raise interest rates six months after the Fed stops its monthly bond purchases. That bond-buying program should expire at the end of this year, so the Fed could raise short-term rates by the middle of 2015.
Fed officials say the market overreacted to the comment and the Fed remains committed to keeping rates low. That's good news for buyers and refinancers.
If you are looking for a mortgage, remember to shop for the best rates in your area. Check out our rate tables at Bankrate.com.
I'm Polyana da Costa.