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Mortgage rate edges back above 5%

February 4, 2010 |  7:11 am

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

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