June 26 - The average rate for a 30-year fixed rate home loan jumped nearly a full percentage point to an average of 4.46 last week, the highest since August 2011, according to a survey by the Mortgage Bankers Association. Conway G. Gittens reports.
The Daily Digit is 4.46 percent. Mortgage rates on a 30-year loan jumped to an average of 4.46 percent last week, according to a survey by the Mortgage Bankers Association. 4.46 is almost a full percentage point higher than the week before and is the highest home lending rate since August 2011. The response from prospective home buyers is being closely watched to determine if the housing market recovery can continue in the face of steeply higher rates. With that in mind, mortgage requests jumped last week and were up from the same time last year, which suggests homebuyers are not yet spooked by rising rates. Current homeowners, looking to refinance, however, are a different story. Demand for refinancings fell 5.2 percent. Those applications have dropped six of the past seven weeks.