Mortgage rates rise on employment data

Mortgage rates were pushed up this week due to stronger-than-expected March employment data, according to Freddie Mac.
Freddie Mac said Thursday the average 30-year fixed-rate mortgage grew to 6.22 percent this week, up from 6.17 percent last week. The mortgage rate is still down from this week last year, when it averaged 6.49 percent.

One-year adjustable-rate mortgages also increased, to an average of 5.47 percent.
"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 vice president and chief economist. "This brought interest rates on 30-year fixed-rate mortgages (FRMs) back up this week to match the first quarter average.