Today's mortgage rates

With this week's small uptick in rates, the average conforming 30-year fixed rate mortgage moved to a 7-year high. Of course, the difference between now and then is that back in 2011, they were in the process of moving down toward what would become nearly 60 year lows. Freddie Mac also reported that a six basis point rise (0.06%) in the benchmark mortgage rate moved it to an average 4.61% this week, with conforming 15-year FRMs also rising, climbing 7 basis points (0.07 percent) to 4.08% for the period, now occupying rate territory that was the province of 30-year FRMs not all that long ago. Hybrid 5/1 ARMs had no immunity to the upward pressure this week either, with the average rate for the most popular ARM rose by five one-hundredths of a percentage point (0.05 percent) to end the period at 3.82%.

Upward pressure on rates is coming from spiking oil prices, which will tend to push inflation higher, solid economic data and somewhat more "hawkish" comments from Federal Reserve and European Central Bank officials. Odds favor firmer rates in the days ahead.

For more about potential moves for mortgage rates, check out our most recent Two-Month Forecast for mortgage rates.