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The fixed rate for a U.S. 30-year mortgage fell for the fifth week in a row, while short-term adjustable rates continued to go up.

The average one-year adjustable-rate mortgage went up from 4.18% to 4.23% in a week.

"Not surprisingly, the one-year ARM rose on the expectation that the Fed would raise rates once again when they met [this] week," said Freddie Mac chief economist Frank Nothaft. "We will probably see the ARM rise a little more over the next few weeks in anticipation of further rate increases by the Fed, while long-term fixed rates remain fairly flat."

According to MarketWatch,

"Short-term rates have mostly risen alongside a series of six hikes to the Federal Reserve's short-term borrowing target since last June.

The central bank delivered on another widely expected quarter-point increase on Wednesday, taking the fed funds rate, to 2.5 percent.

While short-term Treasury yields have risen, the benchmark 10-year note yield is steady to only marginally higher, keeping a lid on mortgage rates."

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