30-Year Mortgage Rates Jump

Freddie Mac reports a jump in 30-year fixed mortgage interest to 5.21 percent for the week of April 8 from 5.08 percent the prior week. Rates are climbing now that the Federal Reserve has ended its campaign to lower borrowing costs and the economy is starting to pick up.

Here’s how other rates fared:

• The 15-year fixed rate climbed to 4.52 percent from 4.39 percent.
• The five-year adjustable rate rose to 4.25 percent from 4.1 percent.
• The one-year ARM edged up to 4.14 percent from 4.05 percent.

Source: Buffalo News, Alan Zibel (04/09/10)