Mortgage Rates Reach 10-month High

As we predicted lasst November when mortgage interest rates bottomed out, rates have continued a steady upswing with few signs of pulling back.
Rates began to climb last week and continued higher in the current period, according to Peter Thompson, a senior loan officer at Prospect Mortgage in Naperville, Ill.

"Rates were in a flat range, where they were pretty much sideways for over a month, and now it has broken out and is going in a higher direction," he says.

The benchmark 30-year fixed-rate mortgage rose 21 basis points this week, to 5.23 percent, according to the Bankrate.com national survey of large lenders.