Mortgage rate edges back above 5%
The average rate for a 30-year fixed home loan edged back up to 5.01% this week after spending two weeks slightly below 5%, Freddie Mac said in its survey for the week ending Thursday.
The Primary Mortgage Market Survey from the government-controlled mortgage company assumed that borrowers owned a 20% stake in the house, had good credit and paid 0.7% of the loan amount in upfront points and fees to the lender. Many people pay additional points to lower their rates.
The 15-year fixed mortgage, which is a popular option for homeowners refinancing to pay off their loans faster, averaged 4.40%, also with 0.7% in points and fees. That was up slightly from 4.39% for the week ending Jan. 28.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.27%, with an average 0.6 point. The one-year Treasury-indexed adjustable-rate mortgage averaged 4.22%, with 0.5 point, Freddie Mac said.
Tables showing results from the weekly survey are at this Freddie Mac website.
-- E. Scott Reckard