Mortgage Rates Rise

The 30-year fixed mortgage rate has jumped 0.50% points since a few weeks ago to 5.65%. Rates continue to climb and it appears that a bottom has been set into place.

Could this be the ingredient that spurs buying interest from potential home buyers? It would appear so. Those buyers who are waiting for both mortgage rates to fall in tandem with further home valuation declines maybe in for a surprise.

The 15-year fixed mortgage is currently 5.06% and the 5-year ARM is at 5.20%.