Rates Jump

The average 30-year fixed mortgage rate jumped to 5.79% for the week ending April 9 from 5.52% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 4.84% to 5.12%, and the average rate for one-year Treasury-indexed ARMs climbed from 3.46% to 3.65%. Fees and points averaged 0.7 of a point for fixed-rate mortgages and 0.5 of a point for ARMs. "The bond market reacted to the welcome news [April 2] that jobs are finally being created, which is much needed for continued expansion of the economy," said Amy Crews Cutts, Freddie Mac's deputy chief economist. "Mortgage rates again followed the bond market, rising significantly from last week to this week, and spurring speculation that the Federal Reserve Board will raise rates sooner rather than later." A year ago, the average 30-year and 15-year fixed rates were 5.85% and 5.17%, respectively, and the average one-year ARM rate was 3.80%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.