The average 30-year fixed rate loan jumped 8 basis points this past week, and currently stands at 4.35% according to  Other popular home loan choices, including the 15-year fixed and 5/1 adjustable rate mortgage (ARM) also increased 2 and 7 basis points, respectively.

When shopping for home loans, it’s important to note that the advertised rates may or may not include additional fees and points.   Sometimes referred to as “discount points,” points are an upfront fee paid to the lender in exchange for a reduced mortgage rate.  When government mortgage giant Freddie Mac reports the nation’s average home loan rates, for example, they typically include points which can artificially deflate the rate.  As a result, it’s important to carefully consider the total costs required for your home loan, which a lender can provide for you on a Good Faith Estimate (GFE).