There has been some sell off in bond market that has increased the interest rates and therefore the mortgage rates. Next week will be a big news week for mortgage/interest rates.
Read it allThe benchmark 30-year fixed-rate mortgage rose 9 basis points this week, to 4.51 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.33 discount and origination points. One year ago, the mortgage index was 5.35 percent; four weeks ago, it was 4.5 percent.