Mortgage interest rates this week came in slightly higher, as macroeconomic data showing inflation rising higher than expected and investors' concerns over political strife around the globe led to an uptick in Treasury bond[IMAGE] [COLUMN_BREAK]
yields. The yields on these long-term government bonds are closely tied to mortgage rates.
""Freddie Mac"":http://www.freddiemac.com reported that the average rate on a 30-year fixed mortgage rose to 4.81 percent (0.7 point) for the week ending March 24, 2011. That's up from 4.76 percent last week, but still below the 4.99 percent rate recorded last year at this time.
The GSE's ""weekly survey"":http://freddiemac.mediaroom.com/index.php?s=12329&item=30592 showed that the 15-year fixed-rate mortgage also increased, inching up from 3.97 percent last week to 4.04 percent (0.7 point). A year ago at this time, Freddie reported the the 15-year rate to be 4.34 percent.
Adjustable-rate mortgages (ARMs) also headed higher this week. Freddie pegged the 5-year ARM at 3.62 percent (0.6 point), up from 3.57 percent. The 1-year ARM rose from 3.17 percent last week to 3.21 (0.6 point) percent this week.