Several benchmark mortgage rates saw an increase in the Seattle area this week.

Benchmark 30-year rate rises in Seattle

The average rate on the benchmark 30-year fixed-rate mortgage rate for the Seattle area increased to 4.13 percent, according to Bankrate’s national survey of large lenders. Not only did the local rate end up exceeding the national average rate of 4.09 percent, it was up 13 basis points from last week. A basis point is one-hundredth of 1 percentage point.

In this week’s survey, the mortgages had an average of 0.44 discount and origination points.

With the 30-year fixed rising, it means that homebuyers and refinancers will find their borrowing costs have increased.

The growth in the mortgage rate raised 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $800.15, a difference of $12.52 from last week.

Other Seattle mortgage types go higher

The rate for 30-year jumbo mortgages also ticked up this week, ticking up 13 points to 4.13 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Seattle area, that limit is $592,250.

The average rate for 15-year fixed-rate mortgages ticked upward to 3.38 percent, growing 13 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates higher, adding $10.51 to $1,169.86.

Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less beneficial than it would have been before the rate rise.

The popular 5/1 adjustable-rate mortgage rate rose to 3.25 percent this week, a rise of 12 basis points. The most common variety of variable-rate mortgage, 5/1 ARMs allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.

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Weekly mortgage survey

Results from Bankrate’s survey of mortgage lenders conducted November 15, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $592,250 in the Seattle area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week’s rate: 4.13% 3.38% 3.25% 4.13%
Change from last week: +0.13 +0.13 +0.12 +0.13
Monthly payment: $800.15 $1,169.86 $718.09 $2,872.06
Change from last week: +$12.52 +$10.51 +$10.91 +$44.92

Methodology: The “ National Average,” or “national survey of large lenders,” is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We’ve conducted this survey in the same manner for more than 30 years, and because it’s consistently done the way it is, it gives an accurate national apples-to-apples comparison.

To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s Rate Averages.”