Industries Banking/Finance

Mortgage rates edge higher

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Mortgage rates grew to an average of 4.37 percent this week, up from 4.28 percent last week on a 30-year, fixed-rate mortgage, according to Freddie Mac.

A year ago at this time the 30-year rate was an average of 3.63 percent.

The 15-year, fixed-rate mortgage was 3.38 percent this week, up from 3.32 percent. A year ago, that mortgage averaged 2.79 percent.

"Mortgage rates edged up amid a week of light economic reports,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement. “Of the few releases, the economy added 175,000 jobs in February, which was above the market consensus forecast and followed an upward revision of 25,000 jobs for the prior two months. Meanwhile, the unemployment rate nudged up to 6.7 percent, the first rate increase in over a year."

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