Mortgage rates rose in the latest week, extending their bounce off record lows they set in the fall, according to Freddie Mac’s weekly survey.
Rates have climbed in recent weeks after they fell through October, setting repeated lows. Yields on Treasurys have jumped sharply recently, and mortgage rates generally track the yields, which move inversely to Treasury prices.
“Market concerns over stronger economic growth that, in the near term, could lead to an increase in inflation have sparked a rise in bond yields, and mortgage rates have followed,” said Freddie Chief Economist Frank Nothaft.
The 30-year fixed-rate mortgage averaged 4.83 percent for the week ended Thursday, up from the prior week’s 4.61 percent average but down from 4.94 percent a year ago. Rates on 15-year fixed-rate mortgages were 4.17 percent, up from 3.96 percent in the previous week but down from 4.38 percent a year earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.77 percent, up from the prior week’s 3.60 percent but down from 4.37 percent a year earlier. One-year Treasury-indexed ARMs were 3.35 percent, up from 3.27 percent the prior week but down from 4.34 percent a year earlier.
To obtain the rates, the mortgages required payment of an average 0.7 point. A point is 1 percent of the mortgage amount, charged as prepaid interest.
