Mortgage rates rocket up, homebuyers begin to feel the heat

rocket-284x300Mortgage rates continue their upward trajectory on Tuesday as homebuyers begin to feel the effects of the post-election spike.

By Alex Dumortier | Yahoo Finance

Mortgage rates rose on Tuesday: The average 30-year mortgage rate is 3.88%, which equates to a $470.52 monthly payment per $100,000 borrowed, or $23.15 higher than the equivalent payment would have been a month ago.

If you were to opt for a shorter term, the average 15-year mortgage rate is 3.07%, which equates to a $693.95 monthly payment per $100,000 borrowed, or $17.71 higher than the equivalent payment would have been a month ago.

Mortgage rates: The ride up continues, with consequences for homebuyers

Mortgage rates continued their upward march higher on Tuesday in the wake of last week’s election result. Last Tuesday, the 30-year mortgage rate was 3.47%; today, it stands 41 basis points higher, at 3.88% (one basis point is equal to a hundredth of a percentage point).

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