Bankrate: Mortgage Rates Up, Ahead of Jobs Report

Bankrate’s weekly national survey shows rates rebounded for all loan types with the 30-year fixed mortgage rate climbing to 4.72%.

Up ten basis points from 4.62% last week the 30-year fixed mortgage rate is now 1.1% higher than the 3.52% level reported as recently as May 1, according to Bankrate.com.

The average 15-year fixed mortgage increased to 3.74%, up from 3.66%, and the jumbo 30-year fixed mortgage rate jumped to 4.88%.

Seven-year adjustable-rate mortgages crossed back over the 4% threshold to 4.04%.

Meanwhile, “the popular five-year adjustable rate” increased 0.23 basis points from 3.61% last week to 3.65%, Bankrate said.

Bankrate credits “better economic news” in manufacturing and the job market, which may motivate the Federal Reserve to start dialing back the stimulus later this month, with a strong job report “giving the Fed the cover they need to taper their bond purchases.”