Rates Climb

The average 30-year fixed mortgage rate rose to 5.85% for the seven-day period ending March 10 from 5.79% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate increased from 5.33% to 5.38%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 5.17% to 5.22%, and the average rate for one-year Treasury-indexed ARMs rose from 4.14% to 4.24%. Fees and points averaged 0.6 of a point for fixed-rate mortgages and five-year hybrid ARMs and 0.7 of a point for one-year ARMs. "Last Friday's employment report reinforced the perception that the economy is on sure footing, leading bond markets to push interest rates higher again this week," said Amy Crews Cutts, Freddie Mac's deputy chief economist. "Although inflation remains tame, the recent spike in oil prices does put inflationary pressures on the economy and was an additional factor causing higher interest rates." A year ago, the average 30-year and 15-year fixed rates were 5.41% and 4.69%, respectively, and the average one-year ARM rate was 3.41%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.