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Mortgage interest rates rise

For the inside home spread of the Nov.

For the inside home spread of the Nov. 5, 2010 - Home section about the new rules of pricing a home. House, Real Estate, Residential Structure, Currency, Balance, foreclosure, Wealth, Finance, Weight Scale, Home Finances Photo Credit: Photo by iStock

Mortgage rates bounced back up after hitting record lows last week, Freddie Mac reported Thursday.

The sharp increase followed an employment report that beat market expectations, causing long-term bond yields to rise and mortgage rates to follow, says Frank Nothaft, vice president and chief economist of Freddie Mac.

Though rates are still near their 60-year lows, some Long Island borrowers aren’t waiting around to see if the rise continues. “This rise has sparked refinance activity in our Woodbury office,” says Alan Rosenbaum of Guardhill Financial. “With historically low mortgage rates, our customers want to lock in low mortgage payments before rates trend higher.”

The average rate for a 30-year fixed mortgage rose to 4.12 percent with an average 0.8, compared to 3.94 percent last week. A year ago, it was 4.19 percent. The 15-year fixed-rate mortgage also went up, from 3.26 percent last week to 3.37 percent today. Last year it averaged 3.2 percent.

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