By Ruth Mantell
WASHINGTON (MarketWatch) - The 30-year fixed-rate mortgage has climbed above 4% for the first time since October, following improving economic data, Freddie Mac said Thursday in its weekly report. The average rate on the 30-year fixed-rate mortgage increased to 4.08% in the week ending March 22 from 3.92% in the prior week. The rate was 4.81% a year earlier. "Mortgage rates are catching up with increases in U.S. Treasury bond yields," said Frank Nothaft, Freddie Mac's chief economist. To obtain the latest rate, payment of an average 0.8 point was required, according to Freddie, a buyer of residential mortgages. A point is 1% of the mortgage amount, charged in prepaid interest. The 15-year fixed-rate mortgage rose to 3.30% in the latest week from 3.16% in the prior week. Meanwhile, the average rate on the 5-year Treasury-indexed hybrid adjustable-rate mortgage increased to 2.96% from 2.83%. The 1-year Treasury-indexed ARM rose to 2.84% from 2.79%.
