Mortgage rates edge higher

The national average rate on the benchmark 30-year mortgage was 6.12%, up from 6.1% a week earlier. The 15-year mortgage, a popular refinancing choice, also ticked up, to 5.7% from 5.67%.

Five-year, Treasury-indexed hybrid adjustable-rate mortgages averaged 5.75%, unchanged from last week. One-year Treasury-indexed ARMs averaged 5.2%, up from 5.18%.

The two fixed-rate loans required the payment of an average 0.5 points to achieve the rate; the ARMs needed 0.6 points. A point is 1% of the loan amount, charged as prepaid interest.

"The miniscule rise in mortgage rates this week most likely reflects market expectations that the Federal Reserve will once again raise rates next week," said Frank Nothaft, Freddie Mac's vice president and chief economist.

"Keep in mind, however, that long-term rates are still below December's monthly average and continue to fuel the housing market. Last week, mortgage applications for home purchases were stronger than last December's average. Even refinancing activity remains strong, averaging around 43% of all mortgage applications," he added.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.