I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates rebounded following a better-than-expected jobs report, with the benchmark 30-year fixed mortgage rate rising to 4.66 percent, a two-year high. The 15-year fixed mortgage, a popular choice when refinancing to a shorter term, increased to 3.75 percent, also the highest since July 2011.
Adjustable mortgage rates moved higher also, with the popular five-year ARM climbing to 3.63 percent, the highest in more than two years.
This week's jump in mortgage rates, which more than wiped out last week's retreat, came after the release of the monthly employment report. Job growth for June that exceeded expectations, coupled with upward revisions to April and May payrolls, were evidence of the type of improvement the (Federal Reserve) will need to see to begin curtailing their bond purchases. And for that reason, we saw further increases in both bond yields and mortgage rates, to levels above where they were following (Chairman) Ben Bernanke's late June press conference.
Even if mortgage rates have been on the rise, 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.