Fixed Rates Rise Again

The average 30-year fixed mortgage rate rose to 5.79% for the week ending March 3 from 5.69% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate increased from 5.22% to 5.33%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 5.05% to 5.17%, and the average rate for one-year Treasury-indexed ARMs fell from 4.16% to 4.14%. Fees and points averaged 0.7 of a point for 30-year fixed-rate mortgages and five-year hybrid ARMs, 0.6 of a point for 15-year FRMs, and 0.8 of a point for one-year ARMs. "Concern that long-term interest rates are too low and comments from Fed officials ... helped push mortgage rates higher this week," said Frank Nothaft, Freddie Mac's chief economist. "We've been expecting this for some time, so the rise in rates for the third consecutive week doesn't really come as a surprise to the market." A year ago, the average 30-year and 15-year fixed rates were 5.59% and 4.88%, respectively, and the average one-year ARM rate was 3.47%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.