DOW JONES NEWSWIRES
Mortgage rates were mixed this week as the average rate on
30-year fixed-rate mortgages rose further 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. Freddie chief economist Frank Nothaft said mixed economic
reports on the state of the housing market helped hold rates
basically flat this week.
The 30-year fixed-rate mortgage averaged 5.42% for the week
ended Thursday, up from last week's 5.38% average and down from
6.45% a year ago. Rates on 15-year fixed-rate mortgages were 4.87%,
down from 4.89% and 6.04%, respectively.
Five-year Treasury-indexed hybrid adjustable-rate mortgages
averaged 4.99%, up from 4.97% last week and well below their 5.99%
average a year ago. One-year Treasury-indexed ARMs were 4.93%, down
from 4.95% and 5.27%, respectively.
To obtain the rates, all the mortgages and required payment of
an average 0.7 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