Fixed Rates Jump

The average 30-year fixed mortgage rate jumped to 5.79% for the week ending March 21 from a survey-record low of 5.61% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from a survey-record low of 4.93% to 5.11%, while the average rate for one-year Treasury-indexed adjustable-rate mortgages climbed from a survey-record low of 3.68% to 3.75%. Fees and points averaged 0.6 points for 30-year fixed-rate mortgages and ARMs, and 0.5 points for 15-year FRMs. Frank Nothaft, Freddie Mac's chief economist, said uncertainty related to war in Iraq caused bond market yields to "reverse their downward spiral," and mortgage rates followed suit. "But there are other uncertainties about the length of the conflict and its impact on the economy that will influence mortgage rates in the weeks to come, so this rise in rates may be only temporary," he said. A year ago, the average 30-year and 15-year fixed rates were 7.14% and 6.65%, respectively, and the average one-year ARM rate was 5.11%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.