Mortgage Rates Hit Eight-Month High

Washington, DC, April 9, 2010--The 30-year fixed-rate mortgage reached its highest weekly level in eight months this week, averaging 5.21%, according to Freddie Mac's weekly survey of conforming mortgage rates.

The mortgage averaged 5.08% last week compared to 4.87% a year ago. Its most recent high point was last Aug. 13, when it averaged 5.29%.

"Once again, mortgage rates followed bond yields higher amid a positive March employment report," said Frank Nothaft, Freddie Mac vice president and chief economist, in a news release. "The economy added 162,000 jobs, which was the largest monthly gain over the past three years."

The 15-year fixed-rate mortgage averaged 4.52% for the week ending April 8, compared to 4.54% a year ago. This week marks the highest weekly average for the mortgage since Dec. 31, when it also averaged 4.54%.