Mortgage Rates Rise, but Still Lower Than 2007

Washington, DC, March 13, 2008—Although mortgage rates rose fairly significantly this week, they were still lower than last year’s levels, according to Freddie Mac’s weekly survey.

The 30-year fixed-rate mortgage averaged 6.13 percent for the week ended March 13, up from last week’s 6.03 percent. The mortgage averaged 6.14 percent a year ago.

The 15-year fixed-rate mortgage averaged 5.60 percent, up from last week’s 5.47 percent average. The mortgage averaged 5.88 percent a year ago.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.58 percent, up from last week’s 5.34 percent average. The ARM averaged 5.90 percent a year ago.

“The combination of lower house prices and lower mortgage rates contributed to a more affordable market for homebuyers,” said Frank Nothaft, Freddie Mac vice president and chief economist.