Strong employment numbers caused mortgage rates to take off with the 30-year fixed-rate average the highest it has been in nearly eight years.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average jumped to 4.94 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.83 percent a week ago and 3.90 percent a year ago. The 30-year fixed was last this high in February 2011.
The 15-year fixed-rate average climbed to 4.33 percent with an average 0.5 point. It was 4.23 percent a week ago and 3.24 percent a year ago. The five-year adjustable rate average rose to 4.14 percent with an average 0.3 point. It was 4.04 percent a week ago and 3.22 percent a year ago.