Key Takeaways For Borrowers Post Mortgage Rate Spike

Mortgage rates spiked to their highest levels this week since July 2011, causing frustration among homebuyers and refinancers who were caught by surprise, as noted by Polyana da Costa of Fox Business. Fixed-rate Mortgage rose The benchmark 30-year fixed-rate mortgage rose to 4.61 percent, compared with 4.12 percent last week, according to the Bankrate.com national survey of large lenders. The mortgages in this week’s survey had an average total of 0.29 discount and origination points. One year ago, that rate stood at 3.89 percent. Four weeks ago, it was 3.99 percent. The 30-year fixed rate hasn’t been this high since…