Mortgage rates rise for the first time in five weeks

For the first time since the Federal Open Market Committee acted five weeks ago, there was an increase in mortgage rates, according to Freddie Mac.

The 30-year fixed-rate mortgage averaged 4.03%, up from last week when it averaged 3.97%. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.66%.

"The 10-year Treasury yield rose about 10 basis points this week. The 30-year mortgage rate moved with Treasury yields, rising 6 basis points," said Sean Becketti, chief economist at Freddie Mac.

The 15-year fixed-rate mortgage averaged 3.27%, up from last week when it averaged 3.23%. A year ago at this time, the 15-year averaged 2.89%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.12%, up from last week when it averaged 3.1%. At this time last year, it averaged 2.86%.

"Despite recent swings in mortgage rates, the housing market continues to show signs of strength — both existing and new home sales in March exceeded expectations, and the Case-Shiller Home Price Index posted another solid gain," Becketti added.