Mortgage rates creep higher

NEW YORK (CNNMoney.com) -- Mortgage rates inched higher this week as new construction of new homes bounced back from a 9-year low, Freddie Mac reported Thursday.

The average rate on 30-year fixed-rate loans rose to 6.16 percent for the week ending March 22, from 6.14 percent the week before.

Last year at this time, 30-year mortgage rates averaged 6.32 percent.

"Mortgage rates were stable this week as the bond market took readings on producer prices and consumer prices in stride," Frank Nothaft, Freddie Mac vice president and chief economist, said in prepared remarks.

The housing market got some upbeat news earlier this week as housing starts rebounded from a 9-year low in February, even though ongoing weakness led builders to pull back on plans for more housing.

"The improvement was better than consensus forecasts. Next week's release of February's new and existing home sales will provide further insight into the health of the housing sector."

Freddie Mac said the 15-year rate climbed to an average of 5.90 percent from 5.88 percent the previous week. A year ago, the 15-year rate averaged 5.97 percent.

Five-year adjustable-rate mortgages edged higher to 5.91 percent from 5.90 percent last week. The five-year ARM averaged 5.96 percent a year ago.

The average one-year adjustable-rate mortgage eased to 5.40 percent, down from 5.42 percent the previous week. At this time last year, the loan averaged 5.41 percent.

Tips on navigating the new mortgage market.

How much house can you afford?

Subprime risk: Most vulnerable markets