Mortgage rates moved up a bit this week as the benchmark 30-year fixed inched up to 3.87 percent, according to Bankrate.com's weekly national survey.
The jumbo 30-year rose to 3.78 percent; the 15-year fixed held at 3.10 percent. Adjustable mortgage rates complied with the trend with the 5-year and 10-year ARMs climbing to 3.33 percent and 3.73 percent, respectively.
Mortgage rates moved upward to the highest point in the past month following a well-received employment report showing better than expected job growth and positive revisions to previous months. This, coupled with a better overall tone of economic data and a rebound in equity markets, comforted investors with the thought that perhaps fears of a recession are overblown. Bonds sold off, with bond yields – which move inversely to prices - rising in response as investors poked their heads out from under the cover of safe haven U.S. Treasuries.