WASHINGTON Mortgage rates climbed this week to their highest levels since last August, as stronger-than-expected employment growth drove up yields for the government securities that guide home loans, according to Freddie Mac.
The average for the 30-year, fixed-rate loan rose from 3.52% last week to 3.63% this week, its highest point in six months. The average for the 15-year mortgage also rose from 2.76% to 2.79%.
The rise in the 30-year loan rate came as the 10-year Treasury yield reached an 11-month high on March 8, after the Labor Department said employers added 236,000 workers in February.
ARM rates were mixed, with the average for the five-year ARM dipping from 2.63% to 2.61%; and the average for the one-year ARM inching up from 2.63% to 2.64%.
