Mortgage rates soar to 4.46% – biggest jump in 26 years

By Les Christie @CNNMoney June 27, 2013: 11:21 AM ET

NEW YORK (CNNMoney)

Rising interest rates have hit mortgages big time.

Rates on 30-year, fixed-rate home loans spiked 0.53 percentage points to an average of 4.46% this week — the largest weekly increase in more than 26 years, mortgage giant Freddie Mac said Thursday.

The 30-year loan, which stood at 3.35% as recently as early May, is at its highest level since July 2011.

Rates for 15-year loans, popular with homeowners refinancing their mortgages, jumped 0.46 percentage points to 3.5%.

An extra percentage point will cost homebuyers with 30-year, fixed-rate mortgages $56 more a month for every $100,000 they borrow.

 

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