Rates Jump

The average 30-year fixed mortgage rate rose to 6.34% for the week ending May 14 from 6.12% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.47% to 5.72%, and the average rate for one-year Treasury-indexed ARMs climbed from 3.76% to 3.90%. Fees and points averaged 0.7 of a point for all three mortgage categories. "Last month's huge surge in employment figures reaffirmed market expectations that the Fed will move sooner now rather than later," said Frank Nothaft, Freddie Mac's chief economist. "This put pressure on the bond market, and as yields grew, so did mortgage rates." A year ago, the average 30-year and 15-year fixed rates were 5.45% and 4.84%, respectively, and the average one-year ARM rate was 3.67%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.