The benchmark 30-year fixed-rate mortgage rose 5 basis points this week, to 5.01 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 0.41 discount and origination points. One year ago, the mortgage index was 5.23 percent; four weeks ago, it was 5.03 percent.
The rate rise seemed to run counter to the less-than-stellar economic trends, which normally would have triggered lower, not higher rates, says Michael Becker, a mortgage broker at Happy Mortgage in Lutherville, Md.