Mortgage rates recorded modest increases in the week ending March 15, according to Freddie Mac's survey.More specifically, 30-year fixed mortgage rates averaged 3.92% compared to 3.88% last week. Meanwhile, 15-year fixed moved up to 3.16% from 3.13%; 5/1 hybrid ARMs rose two basis points to 2.83%, while one-year ARMs "jumped" six basis points to 2.79%.Mortgage rates are likely to have moved up higher as the survey is done earlier in the week.

Still, Deutsche Bank Securities analysts suggested that rates to borrowers should move up more slowly as originators try to keep rates lower to keep the pipeline full. They said the last few weeks have started to show this trend which helps limit the extension risk in MBS.

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