Mortgage rates increased again this week, with the benchmark conforming 30-year fixed mortgage rate rising to 5.01%, according to Bankrate.comâ€™s weekly national survey. The average 30-year fixed mortgage has an average of 0.41 discount and origination points.
The average 15-year fixed mortgage jumped to 4.25%, and the larger jumbo 30-year fixed rate moved up to 5.55%. Adjustable rate mortgages were higher, as well, with the average 5-year ARM climbing to 3.89% and the 7-year ARM rising to 4.23%.
Mortgage rates climbed as worries eased over recent global events and investors returned to a risk-taking mindset, whether they be corporate mergers and acquisitions, or individual investors moving money from cash to stocks.
While the same global events persistâ€”Japanâ€™s nuclear crisis, Europeâ€™s debt issues, and conflict in Libyaâ€”there was less worry about possible downside to the economy, and mortgage rates notched higher. Mortgage rates are closely related to yields on long-term government bonds, a frequent safe haven when investorsâ€™ nerves are frayed.