by Wolf Richter, Wolf Street:
5% is here, 6% beckons as the next target.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) and a 20% down-payment jumped to 4.97% for the week ending September 21, the Mortgage Bankers Association (MBA) reported this morning. A week ago, it was still at 4.88%. This is the highest average rate since the brief mini-spike that topped out in March 2011 at 5.01%. The last time before March 2011 that we saw this kind of average rate was in May 2010 (chart via Investing.com):