Mortgage rates jumped for the third consecutive week. I'm Lucas Wysocki with your weekly look at Mortgage Rates.
Positive economic news continues to spur on mortgage rates. The 30-year fixed-rate mortgage rose 5 basis points to 3.86 percent.
The 15-year fixed-rate mortgage rose 5 basis points to 3.05 percent. The average rate for 30-year jumbo mortgages rose to 4.41 percent.
On the adjustable side, the 5/1 adjustable-rate mortgage, rose 2 basis points to 2.93 percent.
Just as weak economic data in June and July drove rates to record lows, the recent string of positive news, such as the better than expected jobs report, is drawing rates out of the depths. Also, with things quiet on the European front, nervous investors have unwound some of the safe-haven trades that helped bring bond yields and mortgage rates lower. Whether the upward trend can be sustained depends on what happens on both sides of the Atlantic, with the European debt crisis and the path of the U.S. economy.
As rates go up, it becomes even more imperative to shop around. You can do that right here at Bankrate.com. I'm Lucas Wysocki.