Weekly 30-Year Rate Rises But Stops Short of 5%

The average rate for a 30-year fixed-rate mortgage during the week ended March 25 rose a little bit over the previous week but stopped just short of 5% despite a more pronounced rise in bond yields near the end of the period, according to Freddie Mac's Primary Mortgage Market Survey. "Mortgage rates inched up slightly this week as bond yields rose even further," said Frank Nothaft, vice president and chief economist at Freddie Mac. "Interest rates on 30-year fixed mortgages, however, were still below 5% for the fourth consecutive week." The average 30-year FRM rate was 4.99%, up from 4.96% the previous week and from 4.85% a year ago. The average 15-year FRM rate was 4.34%, up from 4.33% the previous week but down from 4.58% a year ago. The average rate for a five-year hybrid Treasury-indexed adjustable-rate mortgage was 4.14%, up from 4.09% the previous week but down from 4.98% a year ago. The average one-year Treasury ARM rate was 4.20%, up from 4.12% the previous week but down from 4.85% a year ago. Average points were 0.6 for all aforementioned types of loans.