Industry News

Mortgage rates soar to 4-month highs

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Mortgage rates climbed to four-month highs this week on news that payrolls increased by more than 300,000 jobs in March, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate.   In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.79 percent for the week ended today, up significantly from last week when it averaged 5.52 percent.   The average for the 15-year fixed-rate mortgage this week is 5.12 percent, up as from last week when it averaged 4.84 percent. Points on both the 30- and 15-year averaged 0.7.   One-year Treasury-indexed adjustable-rate mortgages averaged 3.65 percent this week, with an average 0.5 point, up from 3.46 percent last week.   "The bond market reacted to the welcome news last Friday 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 si...