Mortgage Rates Tip Upward
WASHINGTON – Mortgage rates rose this week, after plunging last week in the face of the Japanese crisis.
The average for the 30-year, fixed-rate loan climbed to 4.81% this week, from 4.76% last week; while the average for the 15-year, fixed-rate mortgage moved to 4.04%, from 3.97%, according to Freddie Mac.
ARM rates also rose this week, with the average for the five-year ARM rising to 3.62%, from 3.57% last week; and the average for the one-year ARM going to 3.21%, from 3.17%.
“Mortgage rates were up this week compared to last, but still remain at relatively low levels,” said Frank Nothaft, chief economist for Freddie Mac. “The rate uptick was related to higher-than-anticipated inflation data for February and ongoing geopolitical concerns.”