Mortgage Rates Continue Upward March

Fixed mortgage rates climbed for the fifth straight week to start June, according to reports from ""Freddie Mac"":http://www.freddiemac.com/ and ""Bankrate.com"":http://www.bankrate.com/.

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According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.91 percent (0.7 point) for the week ending June 6, up 10 basis points over last week. Last year at this time, the 30-year FRM averaged 3.67 percent.

The 15-year FRM averaged 3.03 percent (0.7 point), rising from 2.98 percent previously and climbing above the 3.00 percent mark for the first time since the week of May 24, 2012.

Adjustable rates also rose. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent (0.5 point), up from 2.66 percent. The 1-year ARM averaged 2.58 percent (0.4 point), up from 2.54 percent previously.

""Continuing market concerns that the Federal Reserve may slow its bond purchases amid a strengthening economy added upward pressure on mortgage rates this week,"" explained Frank Nothaft, chief economist and VP for Freddie Mac.

Meanwhile, Bankrate's weekly national survey had the 30-year fixed rising to 4.1 percent, its highest level since April 2012. The 15-year fixed increased to 3.28 percent, while the 5/1 ARM rose 12 basis points to 2.93 percent.

""Mortgage rates have increased sharply and suddenly on concerns that the Federal Reserve will begin withdrawing the $85 billion of monthly bond-buying stimulus,"" Bankrate said. ""But we're still in a slow growth economy, with high unemployment, and an active Fed, and any disappointing economic news will almost certainly bring mortgage rates lower.""