DOW JONES NEWSWIRES
Mortgage rates mostly rose this week, with the average rate on
30-year fixed-rate mortgages moving 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 since rebounded from decade lows, bring mortgages
rates along with them.
The 30-year fixed-rate mortgage averaged 5.29% for the week
ended Thursday, up from last week's 5.22% average but down from
6.52% a year ago. Rates on 15-year fixed-rate mortgages were 4.68%,
compared with 4.63% and 6.07%, respectively.
Five-year Treasury-indexed hybrid adjustable-rate mortgages
averaged 4.75%, up from last week's 4.73% and down from 6.02% a
year earlier. One-year Treasury-indexed ARMs were 4.72%, down from
4.78% and 5.18%, 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 and the one-year ARM required an average 0.4 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