DOW JONES NEWSWIRES
Mortgage rates fell this week, but the average rate on 30-year
fixed-rate mortgages stayed above 5%, according to Freddie Mac's
(FRE) weekly survey of mortgage rates.
Mortgage rates had fallen earlier this year as providers try to
entice buyers amid 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 5.12% for the week
ended Thursday, down from last week's 5.29% average and 6.47% a
year ago.
Rates on 15-year fixed-rate mortgages were 4.56%, down from
4.68% last week and 6% a year earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages
averaged 4.57%, down from last week's 4.75% and 5.99% a year
earlier. One-year Treasury-indexed ARMs were 4.69%, down from 4.72%
and 5.29%, respectively.
To obtain the rates, the fixed-rate mortgages required payment
of an average 0.7 point, the five-year adjustable-rate required an
average 0.6 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