After a month of incremental increases, fixed mortgage rates took their biggest leap since this summer. According to data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 3.91 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.85 percent a week ago and 3.47 percent a year ago. The 30-year average, which hasn’t been this high since August, had its biggest one-week increase since July. Experts attribute leap to continued strong economic growth. Here is a chart showing future rate projections (MBA = Mortgage Bankers Assoc & NAR = National Assoc of Realtors):
The Truth About Homeowner Equity
