Rates creep up despite little economic data

by 14 Mar 2014
Fixed mortgage rates have edged up, new data from Freddie Mac shows.

Freddie Mac's newest Primary Mortgage Market Survey shows average fixed mortgage rates rising slightly following a week with little new economic news.

The average 30-year fixed-rate rose to 4.37% for the week ending March 13, up from 4.28% the previous week and 3.63% from the same time last year.

The 15-year fixed-rate averaged 3.38%, up from 3.32% last week and 2.79% a year ago.

Freddie Mac vice president and chief economist Frank Northaft said there was little economic data to nudge rates.

"Mortgage rates edged up amid a week of light economic reports. Of the few releases, the economy added 175,000 jobs in February, which was above the market consensus forecast and followed an upward revision of 25,000 jobs for the prior two months. Meanwhile, the unemployment rate nudged up to 6.7 percent, the first rate increase in over a year."

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