Mortgage rates rose this week, with the average rate on 30-year fixed-rate mortgages pushing further above 5%, according to Freddie Mac's weekly survey of mortgage rates.
"Mortgage rates followed bond yields higher amid a positive March employment report," said Freddie Mac's chief economist, Frank Nothaft.
The 30-year fixed-rate mortgage averaged 5.21% for the week that ended Thursday, up slightly from last week's 5.08% average and from 4.87% a year ago. Rates on 15-year fixed-rate mortgages were 4.52%, up from 4.39% last week but down from 4.54% a year ago.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.25%, up from last week's 4.1% but down from 4.93% a year earlier. One-year Treasury-indexed ARMs were 4.14%, up from 4.05% but down from 4.83%.
To obtain the rates, the 30-year and 15-year fixed-rate and five-year adjustable mortgages required payment of an average 0.6 point, and the one-year adjustable required an average 0.5 point. A point is 1% of the mortgage amount, charged as prepaid interest.
