Fixed Rates Rise Further

The average 30-year fixed mortgage rate rose to 5.95% for the seven-day period ending March 17 from 5.85% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate increased from 5.38% to 5.47%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 5.22% to 5.31%, and the average rate for one-year Treasury-indexed ARMs fell from 4.24% to 4.20%. Fees and points averaged 0.7 of a point for fixed-rate mortgages and five-year hybrid ARMs and 0.8 of a point for one-year ARMs. "The 30-year mortgage rate in February was uncommonly low and the weather tame across much of the country," said Amy Crews Cutts, Freddie Mac's deputy chief economist. "That combination pushed housing starts in February to a 21-year high. But we will probably see some moderation in the housing sector as mortgage rates slowly rise in coming months." A year ago, the average 30-year and 15-year fixed rates were 5.38% and 4.69%, respectively, and the average one-year ARM rate was 3.39%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.