The nation’s most popular home loan, the 30-year fixed rate mortgage, rose 2 basis points (or 0.02 percent) this past week to 4.32%. Mortgage rates haven’t been this high since April 2014. The 15-year fixed rate loan jumped 3 basis points to 3.55%, and the 5-year adjustable rate mortgage (ARM) actually decreased slightly to 3.30%.
This is the ninth consecutive week of mortgage rate growth since November’s election, and industry experts speculate that rates could hit 5% by mid-2017. Lenders are quick to point out that rates remain historically low, however. To put it into perspective, the average 30-year fixed rate fluctuated between 6 and 7 percent in 2007 and 2008, and they jumped above 8.3% in June 2000.