Long-term mortgage rates turn higher

WASHINGTON, May 9 (UPI) -- Average U.S. mortgage rates for long-term loans rose for the first time in six weeks in the week ended Thursday, the Federal Home Loan Mortgage Corp. said.

Average rates on 30-year fixed rate loans rose from 3.35 percent to 3.42 percent with an average 0.7 point, Freddie Mac said.

Average rates for 15-year fixed rate loans rose from 2.56 percent to 2.61 percent with an average 0.7 point.

Average interest rates for five-year adjustable rate mortgages rose from 2.56 percent to 2.58 percent with 0.6 point, Freddie Mac said. And one-year adjustable rate mortgages using 10-year bonds as a benchmark averaged 2.53 percent with 0.4 point in the week, down from 2.56 percent in the previous week.

One point is equal to 1 percent of the amount of the loan and is typically paid up front. It includes a corresponding discount on the loan's long-term interest rates.

"Fixed mortgage rates edged up following a solid employment report for April. The economy gained 165,000 new jobs on net last month, more than the market consensus forecast and the largest monthly increase this year," said Frank Nothaft, vice president and chief economist at Freddie Mac.