Higher short-term rates tend to push up mortgage rates.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.23 percent, an increase from last week's 3.14 percent.
"For the first time in weeks, the 30-year mortgage rate moved with treasury yields and jumped 11 basis points to 4.21 percent", Sean Becketti, Freddie Mac chief economist, said in a statement.
According to Freddie Mac, 30-year fixed-rate mortgages now ask 4.21 percent per year on average, up from 4.1 percent a week ago. However, in early Friday trading, the bond market was calm, with yields holding mostly steady.More news: The Marines Nude Photo Scandal Just Took a Turn for the Worst
The Washington-based industry group said its seasonally adjusted measure of home loan applications rose 3.3 percent to 405.7 in the week ended March 3.
MBA's seasonally adjusted gauge on applications to refinance an existing home loan gained 5.2 percent to 1,357.6, the highest since the week of December 16, 2016. ARMs like the 5/1 mentioned here are loans with starter rates, which increase after a set period, in this case five years.
Likewise, the 15-year FRM increased to 3.42%, up from 3.32% last week and 2.96% last year. Shorter term, popular 15 year refi loan deals stand at 2.75% at the bank and April of 3.239% today. A year ago at this time, the 15-year FRM averaged 2.96%. ARM interest rates in the 10 year category stand at 4.190% today with an April of 4.225%. 7 year Adjustable Rate Mortgages are being offered for 3.875% now yielding an April of 4.045% to start.