DOW JONES NEWSWIRES
Mortgage rates were mixed this week, but the average rate on
30-year fixed-rate mortgages remained below 5%, according to
Freddie Mac's (FRE) weekly survey of mortgage rates.
Mortgage rates have fallen in recent months as providers try to
entice buyers amid the housing market downturn. But many consumers
are wary of making the commitment to purchase a home - and many
prospective buyers face challenges getting financing amid the tight
credit market.
The 30-year fixed-rate mortgage averaged 4.86% for the week
ended Thursday, up from last week's 4.84% average but down from
6.01% a year ago.
Rates on 15-year fixed-rate mortgages were 4.52%, up slightly
from 4.51% last week and down from 5.6% a year earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages
averaged 4.82%, down from 4.9% last week and well below their 5.57%
average a year ago. One-year Treasury-indexed ARMs were 4.71%, down
from 4.78% and 5.18%, respectively.
To obtain the rates, all four mortgages and required payment of
an average 0.6 point. A point is 1% of the mortgage amount, charged
as prepaid interest.
-By Kerry E. Grace, Dow Jones Newswires; 201-938-5089;
kerry.grace@dowjones.com