Mortgage rates move on up
Longer-term rates see biggest increase, helped by stronger-than-expected employment reading.
NEW YORK (CNNMoney.com) -- Mortgage rates climbed across the board in the latest week, with longer-term loans seeing the biggest increases, Freddie Mac said Thursday, citing last week's report of unexpected strength in the labor market.
The average rate on 30-year fixed-rate loans climbed to 6.22 percent for the week ending April 12, from 6.17 percent the previous week, the mortgage finance firm said. Last year at this time, 30-year mortgage rates averaged 6.49 percent.
Current Mortgage Rates |
| Type | Overall avgs |
|---|---|
 | |
| 30 yr fixed mtg | 5.80% |
| 15 yr fixed mtg | 5.55% |
| 30 yr fixed jumbo mtg | 6.12% |
| 5/1 ARM | 5.55% |
| 5/1 jumbo ARM | 5.76% |
| |
"Interest rates in general ticked up following the release of the March employment data, which showed stronger job growth than what the market expected," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement. "This brought interest rates on 30-year fixed-rate mortgages back up this week to match the first-quarter average.
Nothaft also noted that mortgage refinancing still remains strong as the 30-year rate has held below 6.5 percent since last August.
The rate on 15-year loans rose to an average 5.90 percent from 5.87 percent the previous week, Freddie Mac said. A year ago, the 15-year rate averaged 6.14 percent.
Five-year adjustable-rate mortgages climbed to 5.93 percent from 5.92 percent the prior week. The five-year ARM averaged 6.11 percent a year ago.
The average one-year adjustable-rate mortgage averaged 5.47 percent, up from 5.44 percent the previous week. At this time last year, the loan averaged 5.61 percent.
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