NEW YORK (CNNMoney) -- It's time to say hello to 5% loans.
The national average interest for a 30-year, fixed-rate mortgage surpassed 5% for the first time since May 2010, according to Freddie Mac's Primary Mortgage Market Survey.
During the week ending Feb. 11, rates averaged 5.05%. That factors in an average of 0.8 points in fees that the average borrower paid to lower his or her rate.
And rates quoted by Bankrate.com -- which look at loans not backed by mortgage giants Fannie Mae or Freddie Mac -- spiked to nearly 5.25% in the past week. (This index has been popping under and over 5% since early December.)
"That's a pretty appreciable increase and the pressure is upward at the moment," said Keith Gumbinger of HSH Associates, whose own barometer of mortgage rates has been rising quickly as well.
These rising rates will most impact those trying to refinance, rather than those trying to buy. Homebuyers tend to focus on other aspects of the purchase, according to Gumbinger, like whether they like the home and, especially, home prices.
"The interest rate is not the key issue for buyers," he said. "Increases do not produce a huge deterrent."
For one thing, prices tend to decline a bit in response to higher rates, which offsets some of the increase. For another, most buyers could absorb the additional $29 per month that the recent interest rate jump would produce.
The rising rates can give a temporary boost to home sales because waffling buyers to get off the fence thinking it may cost them more to delay.
This week's rate bump comes in a time of uncertainty surrounding the future of mortgage lending. Washington is mulling over the future of two government-backed mortgage giants. The two companies, plus the FHA, support the vast bulk of all mortgage lending.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.02%||4.10%|
|15 yr fixed||3.18%||3.25%|
|30 yr refi||4.02%||4.11%|
|15 yr refi||3.20%||3.26%|
Today's featured rates:
German gummy maker Haribo announced on Thursday that it will open its first U.S. factory in Wisconsin. More
Mexican foreign minister Luis Videgaray said if trade talks don't result in a good agreement for his country, "Mexico will step away from NAFTA." More
The Federal Communications Commission voted Thursday to approve a proposed rule that would make it easier for phone companies to crack down on robocalls. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Your credit score plays a major role in your personal finances. The better the score, the better it is for your wallet. Here's how to help get it above the 800 mark. More