DOW JONES NEWSWIRES
Mortgage rates fell again this week, but the average rate on
30-year fixed-rate mortgages remained above 5%, according to
Freddie Mac's (FRE) weekly survey of mortgage rates.
Mortgage rates had fallen earlier this year as providers tried
to entice buyers during the housing market downturn, but yields on
Treasurys have jumped the past month, helping push mortgage rates
higher.
The 30-year fixed-rate mortgage averaged 5.14% for the week
ended Thursday, down from last week's 5.2% average and 6.26% a year
ago.
Rates on 15-year fixed-rate mortgages were 4.63%, down from
4.69% last week and 5.78% a year earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages
averaged 4.83%, up from last week's 4.82% but down from 5.8% a year
earlier. One-year Treasury-indexed ARMs were 4.76%, down from 4.82%
and 5.1%, respectively.
To obtain the rates, the fixed-rate mortgages and the five-year
adjustable-rate mortgage required payment of an average 0.7 point
and the one-year ARM required an average 0.5 point. A point is 1%
of the mortgage amount, charged as prepaid interest.
-By Kerry Grace Benn, Dow Jones Newswires; 212-416-2353;
kerry.benn@dowjones.com