Last week, U.S. mortgage rates were mixed, in terms of rise / fall. The average rate on 30-year fixed-rate mortgages rose still further above 5%, according to Freddie Mac's weekly survey of mortgage rates, while other rates dropped, or rose, unevenly.
30-year fixed-rate mortgages rose to 5.42% from 5.38% the prior week, with points remaining stable at 0.7%. Meanwhile, 15-year fixed-rate mortgates dropped from 4.89% to 4.87%, with points remaining stable at 0.7%.
In terms of ARMs, 5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.99%, up from 4.97% last week. This is still well below their 5.99% average a year ago.
Meanwhile, 1-year Treasury-indexed ARMs were 4.93%, down from 4.95% and 5.27%, respectively. Both groups of ARMs had the same point rate as the fixed-rate mortgages, 0.7%.
For those not aware, a point is 1% of the mortgage amount, charged as prepaid interest. In this case, lenders would ask for 0.7% of the mortgage amount, once again as prepaid interest.
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