For the first time since the Federal Open Market Committee acted five weeks ago, there was an increase in mortgage rates, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 4.03%, up from last week when it averaged 3.97%. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.66%.
"The 10-year Treasury yield rose about 10 basis points this week. The 30-year mortgage rate moved with Treasury yields, rising 6 basis points," said Sean Becketti, chief economist at Freddie Mac.
The 15-year fixed-rate mortgage averaged 3.27%, up from last week when it averaged 3.23%. A year ago at this time, the 15-year averaged 2.89%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.12%, up from last week when it averaged 3.1%. At this time last year, it averaged 2.86%.
"Despite recent swings in mortgage rates, the housing market continues to show signs of strength — both existing and new home sales in March exceeded expectations, and the Case-Shiller Home Price Index posted another solid gain," Becketti added.