Rates rocket up quickly - Bankrate.com

By rising abruptly, mortgage rates bared their claws this week, putting an end to three months of docility.

The benchmark 30-year fixed-rate mortgage rose 21 basis points, to 5.45 percent, according to the Bankrate.com national survey of large lenders. One year ago, the mortgage index was 6.02 percent; four weeks ago, it was 5.23 percent.

The benchmark 15-year fixed-rate mortgage rose 12 basis points, to 4.86 percent. The benchmark 5/1 adjustable-rate mortgage declined 2 basis points, to 4.94 percent. (Data courtesy - Bankrate.com)

We at PrivoCorp - one of the leading processors of residential mortgages in the state of IL - have found that while there are signs of an uptick in new home sales, refis continue to dominate the mortgage market. An uptick in Purchases (from new home starts as opposed to people making purchases of foreclosed homes, etc).