Industry NewsMortgage

Mortgage rates edge up

Fannie Mae sees rates on 30-year loans at 4 percent by end of year

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Mortgage rates edged up this week as investors shook off worries about the European debt crisis and remained optimistic about the U.S. economy and prospects for growth.Rates on 30-year fixed-rate mortgages averaged 3.57 percent with an average 0.8 point for the week ending March 28, up from 3.54 percent last week but down from 3.99 percent a year ago, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey. Rates on 30-year fixed-rate loans hit a low in Freddie Mac records dating to 1971 of 3.31 percent during the week ending Nov. 21, 2012. For 15-year fixed-rate mortgages, rates averaged 2.76 percent with an average 0.7 point, up from 2.72 percent last last week but down from 3.23 percent a year ago. Rates on 15-year fixed-rate loans hit a low in Freddie Mac records dating to 1991 of 2.63 percent during the week ending Nov. 21, 2012. For five-year Treasury-indexed hybrid-rate mortgage (ARM) loans, rates averaged 2.68 percent with an average 0.6 point,...