For the ninth consecutive week, average mortgage rates rose above the previous week’s level.
According to the latest Freddie Mac Primary Mortgage Market Survey, the average rate on a 30-year fixed mortgage was 4.46 percent for the week ending March 8. The previous week’s average was 4.40 percent. A year ago at this time, the average 30-year rate was 4.21 percent.
Rates for 15-year fixed mortgages averaged 3.94 percent last week, compared with 3.90 percent the week before. The average 15-year rate was 3.42 percent a year ago.
The average for 5-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) was 3.63 in the most recent survey, up slightly from 3.62 percent the week before. A year ago at this time, the 5-year ARM averaged 3.23 percent.
Bankrate.com listed the average 30-year fixed mortgage rate at 4.34 percent; 15-year fixed at 3.76 percent; 30-year jumbo rates at 4.61 percent; and a 5-year ARM at 4.26 percent.
Wells Fargo’s rates for the past week were 4.625 percent on a 30-year fixed and the same on a 30-year jumbo; 4.25 percent on a 15-year fixed; 4.375 on a 15-year jumbo; and between 4.125 percent and 4.375 percent on ARMs.
U.S. Bank listed its average 30-year fixed at 4.5 percent, 20-year at 4.375 percent, 15-year at 4 percent and 10-year at 4.25 percent. Its 5-year ARM is 3.75 percent and 10-year ARM is 4.125 percent.