NEW YORK — Any borrowers who were betting that mortgage rates would fall even further lost out this week. The best rates may be behind them.
The average rate on a 30-year fixed-rate mortgage jumped to 4.39 percent from 4.17 percent, mortgage buyer Freddie Mac said Thursday. That’s the lowest level on record dating to 1971.
The 15-year loan, a popular refinance option, climbed to 3.76 percent from 3.57 percent, the lowest level since that survey began in 1991.
“We have a pipeline of folks who were waiting, who chose to float instead of lock in their rate and may have missed their opportunity,” said Ritch Workman, co-owner of Workman Mortgage in Melbourne, Fla.
That means some borrowers may find that refinancing no longer makes financial sense. Others may pay add-on fees known as points in exchange for a lower rate. Or they might just settle for the higher rate.
The recent jump in rates has rippled through the mortgage market. The number of people applying for mortgages slumped last week, the Mortgage Bankers Association said.
