Average 30-Year FRM Rate Slips Back Near 5.00%

The average rate for a 30-year fixed-rate mortgage fell to 5.04% during the week ended Feb. 19 from 5.16% the previous week and from 6.04% a year ago, according to Freddie Mac. The 15-year FRM averaged 4.68%, down from the previous week when it averaged 4.81%. A year ago, the 15-year FRM averaged 5.64%. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.04%, down from the previous week when they averaged 5.23%. A year ago, the five-year ARM averaged 5.37%. One-year Treasury-indexed ARMs averaged 4.80%, down from the previous week when they averaged 4.94%. At this time last year, the one-year ARM averaged 4.98%. "Mortgage rates followed bond yields lower this week as recent economic reports suggest the economy is still slowing," said Frank Nothaft, Freddie Mac vice president and chief economist. Average points were as follows: 0.7 for 30-year FRMs, 0.6 for 15-year FRMs and five-year Treasury-indexed hybrids and 0.5 for one-year Treasury-indexed ARMs.