30-Year Rate Inches Up

The average 30-year fixed mortgage rate inched up to 5.59% for the week ending March 5 from 5.58% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate dipped from 4.89% to 4.88%, and the average rate for one-year Treasury-indexed adjustable-rate mortgages declined from 3.50% to 3.47%. Fees and points averaged 0.7 of a point for all three mortgage categories. "Despite strong signs of economic growth, the financial markets were nonplussed, leaving mortgage rates to hover around the same affordable level for yet another week," said Frank Nothaft, Freddie Mac's chief economist. A year ago, the average 30-year and 15-year fixed rates were 5.67% and 5.01%, respectively, and the average one-year ARM rate was 3.76%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.