Average 30-year mortgage rate up to 4.46% .....BUT THEY WILL COME BACK DOWN!!!

Here is what they are saying on USATODAY:

U.S. mortgage rates surged this week, reaching their highest level in two years and threatening to slow the housing industry's steady recovery.
Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year fixed loan jumped to 4.46% this week, the highest level since June 2011. That's up from 3.93% from the previous week.
It was the largest weekly increase in the 30-year rate since April 1987, Freddie Mac said.
The average rate on the 15-year mortgage jumped to 3.50% from 3.04%. That's the highest since August 2011. A year ago, the rate on the 15-year mortgage was at 2.94%.
The increases follow rising yields on the 10-year Treasury bond in the wake of Federal Reserve Chairman Ben Bernanke's comments last week that the Fed could start trimming its stimulus policies later this year if the economy continues to improve. Mortgage rates track the 10-year Treasury rate, which is at a two-year high.
Higher rates caused mortgage applications to fall 3% from last week, according to the Mortgage Bankers Association. Refinancing applications also fell to their lowest level since late 2011. But the purchasing index increased 2% and is up 16% from a year ago, according to the MBA.

I believe they drop back down in 1 to 2 months

Rates are going above 4% . Will they stay up there?

WASHINGTON (AP) — The average U.S. rate on a 15-year fixed mortgage rose above 3% this week for the first time in a year, while the rate on the 30-year fixed loan approached 4%.
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan jumped to 3.91% from 3.81% last week. That's the highest since March 2012.
The rate on the 15-year loan rose to 3.03% from 2.98%. That's the highest since last May.
Concerns that the Federal Reserve may scale back its bond purchases have pushed rates higher over the last month. Still, mortgage rates remain low by historical standards. The 30-year loan hit a record 3.31% rate in November. The 15-year loan fell to its low of 2.56% a month ago.
Mortgage rates are rising because they tend to follow the yield on the 10-year Treasury note. The yield on the 10-year note climbed as high as 2.2% last week, its highest level in more than two years. It has since slipped to 2.1% in early trading Thursday. That compares with 1.63% at the beginning of May.
The Fed's $85-billion-a-month in Treasury and mortgage bond purchases have pushed down long-term interest rates. As speculation has grown that the Fed will slow those purchases, interest rates have ticked up. That has decreased the value of bonds with lower yields.
The rise in mortgage rates has slowed mortgages applications. They dropped 11.5% in the week ended May 31 from the previous week, the Mortgage Bankers Association said Wednesday.
Still, cheaper mortgages have helped boost home sales and prices this year, strengthening a housing recovery that began in 2012.
Both home prices and sales increased throughout the country from April through late May, according to a Fed survey released Wednesday, and several regional districts noted that sellers were receiving multiple offers.
Data provider CoreLogic said Tuesday that home prices soared 12.1% in April from a year earlier, the biggest gain since February 2006.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1% of the loan amount.
The average fee for 30-year mortgages dipped to 0.7 point from 0.8 point last week. The fee for 15-year loans was unchanged at 0.7 point.
The average rate on a one-year adjustable-rate mortgage rose to 2.58% from 2.54%. The fee for one-year adjustable-rate loans declined to 0.4 point from 0.5.
The average rate on a five-year adjustable-rate mortgage jumped to 2.74% from 2.66%. The fee held steady at 0.5.