Industry NewsMortgage

Inflation concerns nudge mortgage rates up

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Signs of inflation and ongoing concerns about turmoil in Libya and the Middle East helped bump mortgage rates up this week, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey.Rates on 30-year fixed-rate mortgages averaged 4.81 percent with an average 0.7 point for the week ending March 24, up from 4.76 percent last week but down from 4.99 percent a year ago. The 30-year fixed-rate mortgage hit an all-time low, in Freddie Mac records dating to 1971, of 4.17 percent during the week ending Nov. 11.For 15-year fixed-rate mortgages, rates averaged 4.04 percent with an average 0.7 point, up from 3.97 percent last week but down from 4.34 percent a year ago. Rates on 15-year fixed-rate loans hit a low, in records dating back to 1991, of 3.57 percent in November.Rates on 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 3.62 percent with an average 0.6 point, up from 3.57 percent last week but down from 4.14 percent a year ago. The ...