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Toll Brothers Inc
Mortgages: 30-year fixed rate has jumped a point since early May
Mortgages: 30-year fixed rate has jumped a point since early May

Residential mortgage rates aren't just up from the bottom -- they have zoomed a full percentage point above recent record lows, reaching the mid-4% range. The average rate for a 30-year fixed-rate home loan hit 4.63% on Monday, according to HSH Associates, up from the 4.33% that HSH recorded Friday and a record average low of 3.44% for the week that ended Dec. 14. The rocketing rates are choking off a boom in home refinances that hit high gear in September 2011, when the 30-year fixed rate dropped below 4% for the first time on record. Although the rates remain exceedingly low by historic standards, the increase adds to payments, pricing marginal borrowers out of the market for...

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