Mortgage rates inched up this week as investors try to make sense of mixed economic news. I'm Allison Ross with your weekly look at mortgage rates.
The benchmark 30-year fixed-rate mortgage rose seven basis points to 4.32 percent according to the Bankrate.com national survey of large lenders.
The 15-year fixed-rate mortgage rose to 3.41 percent from 3.35 percent last week.
The 30-year fixed-rate jumbo rose to 4.35 up six basis points from last week.
And the benchmark 5/1 adjustable-rate mortgage rose to 3.31 percent from 3.24 percent.
This is the first time rates have increased since late April.
The closely watched monthly employment report will be released by the U.S. Department of Labor on Friday morning. If the report shows a booming labor market, mortgage rates could continue to rise as investors gain more confidence in the economy.
As the labor market improves, the Fed will likely prepare to raise interest rates, making investors anxious. That will put upward pressure on mortgage rates.
Even though the fed says it's committed to keeping interest rates low for the time being, homebuyers and refinancers who feel comfortable with the rate they are offered today shouldn't waste time or gamble on hopes that rates will drop further.
If you're not happy with your rate, you can always shop around to find the very best mortgage rates in your area, right here at Bankrate.com. I'm Allison Ross.