Mortgage Rates Continue to Rise
Both fixed and adjustable mortgage rates rose last week, according to data released Thursday by Freddie Mac. Thirty-year fixed-rate mortgage average 6.13 percent for the week ended March 13, the GSE said, up from 6.03 percent one week earlier. Rates are substantially the same compared to last year: the rate on a 30-year fixed-rate mortgage averaged 6.14 percent one year ago, Freddie Mac said. Adjustable mortgage rates also rose, with the average rate on a 5-year ARM increasing 24 basis points to 5.58 percent. "Average mortgage rates were up for all loan products reported," said Frank Nothaft, Freddie Mac vice president and chief economist. "However, for the first 11 weeks so far this year, the average 30-year fixed rate is still below 5.9 percent, and the average 30-year rate in January was the lowest since July 2005. "The combination of lower house prices and lower mortgage rates contributed to a more affordable market for homebuyers," he said. For more information, visit http://www.freddiemac.com.