mortgage

Mortgage rates for Nov. 14, 2013

 

I'm Doug Whiteman with your weekly look at mortgage rates.

Mortgage rates were pushed this week to their highest levels in two months, with the jumps fueled by a stronger-than-expected report on U.S. hiring.

The average rate for 30-year fixed-rate mortgages went up 13 basis points to 4.48 percent. A basis point is one-hundredth of 1 percentage point. The 15-year fixed-rate mortgage rose 7 basis points, to an average 3.49 percent. The average on 30-year jumbo mortgages, generally loans of more than $417,000, also climbed 7 basis points, to 4.51 percent.

The 5/1 ARM rose 8 basis points, to an average 3.33 percent.

Bankrate's weekly survey follows a report from the Labor Department that while the unemployment rate ticked up to 7.3 percent in October, employers added 204,000 jobs. That was far more than economists had expected. A pick-up in hiring suggests the overall economy is strengthening, meaning it's safe for interest rates to rise again.   

To find the best mortgage rates in your area, just use the free search engine at Bankrate.com. I'm Doug Whiteman.

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