Mortgage rates jumped this week as a widely watched report on employment trends raised hopes for an improving job market. I'm Doug Whiteman with your weekly look at mortgage rates.
The 30-year fixed-rate mortgage rose 11 basis points this week to an average 4.55 percent. The 15-year fixed-rate mortgage went up 15 basis points to 3.62 percent. And the average rate for 30-year jumbo mortgages rose 12 basis points to 4.57 percent.
On the adjustable side, we saw the 5/1 adjustable-rate mortgage pick up 4 basis points, coming in at 3.33 percent.
The ADP National Employment Report showed stronger-than-expected job growth from October to November. The private sector picked up 215,000 jobs, making it the strongest month for hiring in 2013. The report is considered an early indicator of the government's monthly employment report, due from the Labor Department on Friday. The positive economic news fueled a sell-off of mortgage-backed securities and sparked the spike in interest rates.
With mortgage rates on the rise, it's especially important to shop around. To find the best interest rates in your area, use the free search engine on Bankrate.com. I'm Doug Whiteman.