Mortgage rates moved higher this week after plunging over the previous two weeks.

The average 30-year fixed rate rose 17 basis points, to 6.12 percent. A basis point is one-hundredth of a percentage point. In the previous two weeks, rates on the 30-year fixed had plunged by 44 basis points.

The average 15-year fixed -- a popular option for refinancing -- moved up 17 basis points, to 5.7 percent. The average jumbo 30-year fixed climbed 15 basis points, to 7.52 percent.

Adjustable-rate mortgages split for the second straight week. The one-year adjustable-rate mortgage was up 12 basis points, to 6.37 percent.

Meanwhile, the popular 5/1 ARM fell 12 basis points, to 6.04 percent. The 5/1 ARM has now fallen 40 basis points in two weeks.

Mortgage application activity took a nose dive for the week ending March 28, dropping a seasonally adjusted 28.7 percent from the previous week, according to the Mortgage Bankers Association. Applications for refinancing were down 38.1 percent, while applications for new purchases fell 11.8 percent.

The sharp downturn came one week after application volume had surged by nearly 50 percent. Application activity has fallen more often than not in recent weeks as mortgage rates have trended higher since hitting recent lows in January.

-- Chris Kissell

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