US Mortgage Rates Up Again; 30-Year Fixed At 4.61% - Freddie

US Mortgage Rates Up Again; 30-Year 

Fixed At 4.61% - Freddie

U.S. mortgage rates extended their bounce from recent record lows in the latest week, according to Freddie Mac's (FMCC) weekly survey of mortgage rates, as Treasury yields continue to climb.

Rates have been rising after steadily falling through October, helping mortgage rates set a string of record lows. The 10-year Treasury yield has surged from this year's low of 2.332% in October--hitting a six-month high Wednesday--as many recent economic figures have been better than forecast and on fresh concerns about the U.S. government's budget deficit.

Mortgage rates generally track Treasury yields, which move inversely to their price.

Freddie Mac Chief Economist Frank Nothaft also cited Europe making "strides in its debt situation" and recent signs "housing demand appears to be picking up" in luring some investors from the security of U.S. Treasurys for riskier assets.

The 30-year fixed-rate mortgage averaged 4.61% for the week ended Thursday, up from the prior week's 4.46% but down from 4.81% a year ago. The average has now risen for fourth straight weeks. The average on 15-year fixed was 3.96%, compared with 3.81% and 4.32%, respectively.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.6%, up from the previous week's 3.49% but down from last year's 4.26%. One-year Treasury-indexed AMRs were 3.27%, compared with 3.25% and 4.24%.

To obtain the rates, the fixed-rate mortgages required payment of an average 0.7 point and the adjustables had an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.