The average weekly rate for a 30-year fixed rate mortgage in Freddie Mac's survey rose above 4% for the first time since October of last year.
The rate climbed eight basis points to 4.08% during the week ending March 22. In October it had climbed as high as 4.1%. All rates tracked by Freddie are up week-to-week but still down from a year ago.
Last year at this time, the 30-year FRM averaged 4.81%.
The 15-year FRM in the latest week averaged 3.30%, up from last week when it averaged 3.16%. A year ago at this time, the 15-year FRM averaged 4.04%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.96% during the week ending March 22, up from last week when it averaged 2.83%. A year ago, the five-year ARM averaged 3.62%.
The one-year Treasury-indexed ARM averaged 2.84% during the most recent week, up from last week when it averaged 2.79%. At this time last year, the one-year ARM averaged 3.21%.
Average points in the most recent week, potentially exclusive of certain closing costs, were 0.8 of a point for FRMs, 0.7 of a point for hybrids and 0.6 of a point for ARMs.
Freddie Mac vice president Frank Nothaft said the recent increase in rates stems from signs of an improving economy that have persisted for two weeks, better than expected results in bank stress tests and the likelihood of a second bailout for the financially troubled Greece.
Nothaft, who also is Freddie's chief economist, also noted in his weekly rate report that another sign of improvement in financial conditions is that consumers' debt payments as a share of their disposable income during the fourth quarter hit a low not seen since 1994.
The long term rate-indicative 10-year Treasury yield at deadline mid-morning was below its recent high near 2.4% at 2.26% but still above the range closer to 2% it had been in prior to March.
