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Mortgage Rates Rise, Helped by ‘Respectable Jobs Report’

Last week’s improved (though still not great [1]) jobs report brought a little bit of comfort to the financial markets, pushing mortgage rates up for the week.

According to Freddie Mac’s [2] Primary Mortgage Market Survey, the average rate for a 30-year fixed-rate mortgage (FRM) came up nearly a tenth of a percentage point to 4.37 percent (0.6 point) for the week ending March 13. Last year, the 30-year FRM averaged 3.63 percent.

The 15-year fixed average was 3.38 percent (0.6 point), up from 3.32 percent last week.

In adjustable-rate products, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.09 percent (0.4 point) this week—up from 3.03 percent—while the 1-year ARM moved down slightly to 2.48 percent (0.4 point).

Meanwhile, Bankrate.com’s [3] weekly national survey showed increases all around: The 30-year fixed average moved up to 4.50 percent, the 15-year fixed came up to 3.51 percent, and the 5/1 ARM rose to 3.30 percent.

While rates were up, they “remain well within the familiar range of recent weeks,” Bankrate said in a release.

“A respectable jobs report removed some angst about the economy, but the persistent cold weather has still taken an apparent toll. With the Federal Open Market Committee meeting next week, it is likely that the Fed will stay the course on tapering their bond purchases, keeping bond yields and mortgage rates from any wild fluctuations.”