Long-Term Rates Rise

McLEAN, Va. – Rates for 30-year mortgages rose this week, after holding steady most of the prior five weeks, according to Freddie Mac. The average for the 30-year, fixed-rate loan climbed to 6.21% this week, from 6.15% last week; while the average for the 15-year, fixed-rate mortgage moved to 5.92%, from 5.87%. ARM rates were mixed, with the average for the five-year ARM also rising, to 5.92%, from 5.89% last week; but the average for the one-year ARM remained unchanged at 5.48%. Mortgage rates have been relatively stable since the beginning of the year with the 30-year rate fluctuating in a narrow range that saw it go as high as 6.34% in early February and as low as 6.14% for the first two weeks in March. As long as core inflation continues to trend downward and economic growth remains sub-par, it is unlikely that we will see any big movement in mortgage rates, said Frank Nothaft, chief economist for Freddie Mac.