Long-term interest rates on residential loans took a giant leap this past week, and there is a good chance that they will be even higher in the next report.

During the seven days that concluded on July 6, thirty-year fixed rates averaged 3.96 percent in the Primary Mortgage Market Survey from Freddie Mac.

Interest rates surged from one week prior, when the average was 3.88 percent, and one year prior, when long-term mortgage rates averaged 3.41 percent.

Source: Mortgage Daily