The five-year adjustable rate average rose to 3.15 percent with an average 0.4 point. It was 3.12 percent a week ago and 2.99 percent a year ago. The five-year ARM hasn’t been this high since late January 2014.

Many observers expect higher rates to endure because of recent strong economic data and the likelihood of a rate increase by the Federal Reserve later this month.

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Bankrate.com, which puts out a weekly mortgage rate trend index, found that half of the experts it surveyed say rates will rise in the coming week. Elizabeth Rose, branch manager at Dallas-based Movement Mortgage, is one who says rates are headed higher.

“Expect continued volatility to put pressure on mortgage rates,” she said. “Mortgage bonds were in the process of attempting a recovery. However, some decent economic news the past few days have put a damper on those improvements.”

Higher rates have driven down mortgage applications, particularly those for refinances. According to the latest data from the Mortgage Bankers Association, the market composite index — a measure of total loan application volume — sank 9.4 percent from the previous week. The refinance index tumbled 16 percent, while the purchase index inched down 0.2 percent.

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The refinance share of mortgage activity accounted for 55.1 percent of all applications.