30-Year Rate Breaks 6%

The average 30-year fixed mortgage rate rose to 6.01% for the seven-day period ending March 24 from 5.95% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate increased from 5.47% to 5.56%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 5.31% to 5.35%, and the average rate for one-year Treasury-indexed ARMs rose from 4.20% to 4.24%. Fees and points averaged 0.7 of a point for fixed-rate mortgages and five-year hybrid ARMs and 0.8 of a point for one-year ARMs. "Renewed concern over the threat of inflation pushed up long-term mortgage rates, while the most recent [Federal Open Market Committee] statement caused short-term rates to float upwards," said Frank Nothaft, Freddie Mac's chief economist. "Although mortgage rates have risen these past six weeks, they still remain at very affordable levels." A year ago, the average 30-year and 15-year fixed rates were 5.40% and 4.70%, respectively, and the average one-year ARM rate was 3.36%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.