The nation’s unemployment rate decreased, and the average mortgage rate increased. January’s jobs report delivered promising news to investors, prompting rates to climb higher. The average 30-year fixed rate home loan stands at 4.25%, an increase of 9 basis points from last week. Just a month ago, rates stood at 3.89%. The average 15-year mortgage climbed 10 basis points to 3.60%. 
Each week, Bankrate.com’s Rate Trend Index polls mortgage lenders to predict where rates are headed. The vast majority of industry experts predict that rates will continue to climb, and only 7% of lenders believe that rates will go down in the next week. If you’re in the process of purchasing a home, now may be a good time to lock in your rate! Be sure to talk with your lender for details and individualized assistance.