30-Year Rate Hits 4-Year High

The average 30-year fixed mortgage rate rose from 6.43% to 6.49% over the seven-day period ended April 13, representing its highest level since July 2002, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 6.10% to 6.14%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages increased from 6.11% to 6.13%, and the average rate for one-year Treasury-indexed ARMs climbed from 5.57% to 5.61%, Freddie Mac reported. Fees and points averaged 0.5 of a point for 15-year fixed-rate mortgages, 0.6 of a point for 30-year fixed-rate mortgages, 0.7 of a point for hybrid ARMs, and 0.8 of a point for one-year ARMs. "Mortgage rates continued to creep up following the unexpected drop in March's unemployment rate," said Frank Nothaft, Freddie Mac's chief economist. "That drop indicates there may be some upward pressure on wages in the near future, which could lead to a rise in inflation." A year ago, the average 30-year and 15-year fixed rates were 5.91% and 5.46%, respectively, and the average one-year ARM rate was 4.30%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.