Mortgage rates are not directly tied to the federal funds rate, which is adjusted by the Fed's policymakers.
The 30-year fixed averaged 4.21%, jumping from 4.10% a week ago, while the 15-year fixed rate mortgage averaged 3.42%, climbing from 3.32% last week.
Freddie Mac Chief Economist Sean Becketti said that 10-year Treasury yields rose by 10 basis points.
The average rate for a 30-year fixed mortgage was 4.21 percent, up from 4.1 percent last week, Freddie Mac said in a statement Thursday. But home loan rates often move higher immediately after a rate hike.
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According to Mortgage Bankers Association data, the share of mortgage applications taken by ARMs was the largest since October 2014. This is up from last week's 4.1% and from last year's 3.68%. The market composite index, which measures total loan application volume - increased 3.3 percent.
Last week, mortgage rates rose in step with benchmark U.S. Treasury yields US10YT=RR as a group of Federal Reserve officials signaled the central bank would consider raising interest rates at its March 14-15 policy meeting.
Monthly payments on a 10-year fixed-rate refi at 3.18 percent would cost $973.94 per month for every $100,000 you borrow. 20 year FRM interest rates start at 4.220% and April of 4.367%. Shorter term, popular 15 year refi loan deals stand at 2.75% at the bank and April of 3.239% today.
At the same time a year ago, the 30-year and 15-year fixed rates averaged 3.68% and 2.96%, respectively. A year ago, the 5-year ARM averaged 2.92 percent.