MarketWatch
By Bob Passy

Mortgage rates rose yet again — illustrating how the Federal Reserve's policy can have a somewhat limited effect on the mortgage market.

The 30-year fixed-rate mortgage averaged 3.78% during the week ending Oct. 31, up three basis points from the previous week, Freddie Mac FMCC, -2.70% reported Thursday. It's the first time since April that rates have risen in three consecutive weeks.

Despite the increase, the rate on the 30-year mortgage remains over a full percentage point lower than at this same time a year ago.

The 15-year fixed-rate mortgage increased one basis point to an average of 3.19%, according to Freddie Mac. The 5/1 adjustable-rate mortgage averaged 3.43%, up three basis points from a week ago. Read more.