Mortgage rates reach highest level since March

Mortgage rates continued their ascent, rising for the fourth week in a row.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to its highest level since last March, rising to 4.22 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) Itwas 4.15 percent a week ago and 4.19 percent a year ago. The 30year fixed rate has risen 27 basis points — a basis point is 0.01 percentage point — since the start of the year.

The 15-year fixed-rate average jumped to 3.68 percent with an average 0.5 point. It was 3.62 percent a week ago and 3.41 percent a year ago. The 15-year fixed rate has risen 30 basis points since the first week in January.

The five-year adjustable rate average inched up to 3.53 percentwith an average 0.4 point. Itwas 3.52 percent a week ago and 3.23 percent a year ago.

The Federal Reserve chose not to hike its benchmark rate this week but signaled that it likely will raise rates three times this year because it expects inflation to pick up. The Fed doesn’t set mortgage rates but its decisions influence them.

Bankrate. com, which puts out a weekly mortgage rate trend index, found that nearly three-quarters of the experts it surveyed predict rates will rise in the coming week.