Mortgage rates climbed higher this week, with the average conforming 30-year fixed mortgage rising to 5.02%, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.44 discount and origination points.
The average 15-year fixed mortgage increased to 4.39%, and the larger jumbo 30-year fixed rate rose to 5.64%. Adjustable-rate mortgages (ARMs) also went up, with the average five-year ARM rising to 4% and the average seven-year ARM reaching 4.43%.
The last time mortgage rates were above 6% was November 2008.