Courtesy of the Wall Street Journal, November 18, 2010
Home-mortgage rates rose in the latest week, with most of the rates that Freddie Mac follows bouncing off of all-time lows and the 30-year rate rising to 4.39%, according to Freddie's weekly survey of mortgage rates.
Rates have slumped for months, setting record lows in the process, as yields on Treasurys slid amid economic uncertainty. But yields jumped sharply the past week. Mortgage rates generally track the yields, which move inversely to Treasury prices.
The 30-year fixed-rate mortgage averaged 4.39% for the week ended Thursday, up from the prior week's 4.17% average but down from 4.83% a year ago. The latest figure was a three-month high.
Rates on 15-year fixed-rate mortgages were 3.76%, up from 3.57% the previous week but down from 4.32% a year earlier.
Both of the fixed-rate loans had set record-low averages a week earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.4%, up from the prior week's 3.25% but down from 4.25% a year earlier. One-year Treasury-indexed ARMs were 3.26%, flat with the prior week and down from 4.35% a year earlier.
To obtain the rates, the 30-year fixed-rate mortgages required payment of an average 0.9 point, the 15- and five-years required an average 0.7 point and the one-year required a 0.6. A point is 1% of the mortgage amount, charged as prepaid interest.
Write to Nathan Becker with the Wall Street Journal at nathan.becker@dowjones.com
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