Mortgage rates rise for first time in 3 weeks
Average 30-year fixed-rate rises to 6.35% from 6.32% in the prior week.
NEW YORK (CNNMoney.com) - Mortgage rates rose for the first time in 3 weeks this week, Freddie Mac said Thursday. The average rate on 30-year fixed-rate mortgages rose to 6.35 percent for the week ending March 30, up from the prior week's 6.32 percent, a Freddie Mac survey said. In the year-ago period, the 30-year mortgage averaged 6.04 percent.
The average rate on 15-year fixed-rate mortgages edged up to 6.00 percent from 5.97 percent last week. A year ago, that loan averaged 5.58 percent. Five-year adjustable-rate mortgages averaged 6.02 percent, up from 5.96 percent the prior week. The five-year loan averaged 5.43 percent last year. One-year adjustable-rate mortgages averaged 5.51 percent, up from 5.41 percent from the week before. At this time last year, the one-year loan averaged 4.33 percent. "The Fed raised rates this week, as was expected, but the market was a little surprised at the Committee's comments, which implied more tightening in the future," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement. "That raised the expectation that inflation may be more of a threat than was previously thought, and that kind of thinking promotes upward pressure on mortgage rates like we saw across the board this week." ----------------- Click here to make sure you're well-positioned to start shopping for homes |
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