Mortgage rates rise for second straight week

WASHINGTON — Mortgage rates around the country rose for a second straight week with 30-year mortgages hitting the highest level since late February.

In its weekly survey, mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.22 percent this week.

That was up from 6.17 percent last week and put the 30-year rate at the highest point since it was also 6.22 percent the week of Feb. 22.

Analysts attributed the increase to the government’s release of better-than-expected job numbers for March with the unemployment rate dipping to 4.4 percent, matching a five-year low, while 180,000 jobs were created, the strongest showing in three months.

That unexpected strength pushed interest rates higher as financial markets believed it is less likely that the Federal Reserve will feel the need to cut rates anytime soon.

“Interest rates in general ticked up following the release of the March employment data, which showed stronger job growth than what the market expected,” said Frank Nothaft, Freddie Mac’s chief economist.

Nothaft said that even with the slight rise in rates in recent weeks, mortgage refinancing activity remains strong. He said a large number of the refinancing applications are coming from homeowners who want to get a new mortgage before their current adjustable-rate mortgage resets to a higher rate.

Other mortgage rates also rose this week, Freddie Mac said in its nationwide survey.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, rose to 5.90 percent this week, up from last week’s 5.87 percent.