Fixed Rates Creep Up

The average 30-year fixed mortgage rate rose from 6.14% to 6.16% for the seven-day period ended March 22, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.88% to 5.90%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 5.90% to 5.91%, and the average rate for one-year Treasury-indexed ARMs decreased from 5.42% to 5.40%, Freddie Mac reported. Fees and points averaged 0.4 of a point for fixed-rate mortgages, 0.6 of a point for hybrid ARMs, and 0.7 of a point for one-year ARMs. "Mortgage rates were stable this week as the bond market took readings on producer prices and consumer prices in stride," said Frank Nothaft, Freddie Mac's chief economist. "Excluding food and energy, core inflation at the wholesale level was up more than had been anticipated in February, but at the retail level the increase was in line with expectations." A year ago, the average 30-year and 15-year fixed rates were 6.32% and 5.97%, respectively, and the average hybrid and one-year ARM rates were 5.96% and 5.41%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.