Mortgage rates sharply rose this week as positive job reports suggest the economy continues to recover. Rates on 30-year fixed-rate mortgages averaged 3.63 percent for the week ending March 14, up from 3.52 percent last week but down from 3.92 percent a year ago. Rates on 30-year fixed-rate loans hit a low in Freddie Mac records dating to 1971 of 3.31 percent during the week ending Nov. 21, 2012. For 15-year fixed-rate mortgages, rates averaged 2.79 percent, up from 2.76 percent last week but down from 3.16 percent a year ago.
Rates on 15-year fixed-rate loans hit a low in Freddie Mac records dating to 1991 of 2.63 percent during the week ending Nov. 21, 2012. For five-year Treasury-indexed hybrid-rate mortgage (ARM) loans, rates averaged 2.61 percent, down from 2.63 percent last week and 2.83 percent a year ago. Rates on one-year Treasury-indexed ARM loans averaged 2.64 percent, virtually unchanged from 2.63 percent last week, but down from 2.79 percent a year ago. Rates on one-year ARM loans hit a record low dating to 1984 of 2.52 percent during the week ending Dec. 20, 2012.
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