I'm Greg McBride with Bankrate.com, and here is your weekly look at mortgage rates.
Mortgage rates jumped again, rising for the fifth week in a row. The benchmark 30-year fixed mortgage rate crossed the 4 percent mark for the first time in 13 months, climbing to 4.1 percent. This is the highest level since April 2012.
The average 15-year fixed mortgage rate increased to 3.28 percent, while the average jumbo 30-year fixed rate is now at 4.27 percent.
Adjustable mortgage rates bounded higher also, with rates hitting the highest levels since last summer. The average 5/1 ARM rate is now 2.93 percent, a level last seen in August of last year, and the 10/1 ARM is at 3.48 percent, the highest since June of last year.
Mortgage rates have increased sharply and suddenly on concerns that the Federal Reserve will begin withdrawing the $85 billion of monthly bond-buying stimulus. Sentiment can be easily swayed by the monthly jobs report, but we're still in a slow-growth economy, with high unemployment and an active Fed. In other words, with that as a backdrop, don't expect rates to continue marching higher for much longer. In fact, any disappointing economic news will almost certainly bring mortgage rates lower.
Whether mortgage rates are moving up or down, always shop around for the best mortgage terms. To find the lowest mortgage rates in your area, use the free search engine at Bankrate.com.
I'm Greg McBride.