WASHINGTON – Mortgage rates rose for the first time in three weeks, with the average for the 30-year, fixed-rate loan rising back above 5%, according to Freddie Mac.
The average for the benchmark rate climbed to 5.05% this week, from 4.93% last week; while the average for the 15-year, fixed-rate loan rose to 4.40%, from 4.33%.
ARM rates were mixed, with the average for the one-year ARM ticking up to 4.16%, from 4.12% last week; but the average on the five-year ARM dropped to 4.15%, from 4.23%.
"Interest rates for 30-year fixed mortgages followed long-term bond yields higher and rose above 5% this week amid a mixed set of economic data reports," said Frank Nothaft, chief economist for Freddie Mac.
“For instance, the January producer price index jumped well above the market consensus, but the consumer price index remained subdued and consumer confidence declined to the lowest level since April 2009, according to the Conference Board,” he said.
