Mortgage Rates in U.S. Move Higher in March

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According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), the average fixed mortgage rate moved higher amid a strong jobs report and bringing mortgage rates back to where they were at the start of 2015. The 30-year fixed-rate mortgage has averaged below 4 percent since the week ending November 13, 2014.

Len Kiefer, deputy chief economist at Freddie Mac says, "The average 30-year fixed-rate mortgage rose to 3.86 percent for this week following a strong labor market report, essentially bring rates back to where they were at the start of the year. The U.S. economy created 295,000 jobs in February while the unemployment rate dipped to 5.5 percent from 5.7 percent in January, both outperforming market expectations."

Freddie Mac Report Facts

• 30-year fixed-rate mortgage (FRM) averaged 3.86 percent with an average 0.6 point for the week ending March 12, 2015, up from last week when it averaged 3.75 percent. A year ago at this time, the 30-year FRM averaged 4.37 percent.

• 15-year FRM this week averaged 3.10 percent with an average 0.6 point, up from last week when it averaged 3.03 percent. A year ago at this time, the 15-year FRM averaged 3.38 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week with an average 0.5 point, up from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 3.09 percent.

• 1-year Treasury-indexed ARM averaged 2.46 percent this week with an average 0.4 point, up from last week when it averaged 2.44 percent. At this time last year, the 1-year ARM averaged 2.48 percent.