I'm Greg McBride with Bankrate.com, and here is your weekly look at mortgage rates.
Mortgage rates increased again, making it six up weeks in a row. The average 30-year fixed mortgage rate set a new 14-month high of 4.14 percent, and the 15-year fixed rate increased to 3.32 percent, also a 14-month high. On larger jumbo mortgages, the average 30-year rate is at a nine-month high of 4.32 percent.
Adjustable-rate mortgages moved higher also. The popular five-year adjustable jumped to 3 percent, the first time at the 3 percent mark since last June. The seven-year and 10-year ARMs, much like what was seen with fixed-rate mortgages, increased to the highest levels since April 2012. The average seven-year ARM is 3.24 percent and the 10-year is now 3.58 percent.
All eyes now turn to the Federal Reserve, with next week holding a meeting of the Federal Open Market Committee followed by Ben Bernanke's press conference. Long-term interest rates have jumped in recent weeks on speculation that the Fed will decrease the amount of monthly bond-buying stimulus. Where mortgage rates go from here is dependent on what comes out of next week's Fed meeting.
Despite rising mortgage rates, it's still important to 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.