Mortgage Rates Edge Up This Week

The popular 30-year mortgage rate, as well as other rates, were on the rise this week, but still remain at low levels, Freddie Mac reports in its weekly mortgage market survey.

The 30-year fixed-rate mortgage averaged 4.81 percent this week, up from last week’s 4.76 percent. Last year at this time, the 30-year mortgage rate averaged 4.99 percent.

The 15-year fixed-rate mortgage inched above the 4 percent mark this week, after sinking below that level last week to 3.97 percent. This week, 15-year rates averaged 4.04 percent. A year ago at this time it averaged 4.34 percent.

The 5-year adjustable-rate mortgage averaged 3.21 percent this week, up from last week’s 3.17 percent.

“The rate uptick was related to higher than anticipated inflation data for February and ongoing geopolitical concerns,” says Frank Nothaft, chief economist at Freddie Mac.

Source: “30-Year Fixed-Rate Mortgage Edges Up to 4.81 Percent,” Freddie Mac (March 24, 2011)