Average Weekly 30-Year Rate Seen Rising but Still Below 5%

Signs of an improving economy are lifting average weekly mortgage rates, but they are still below 5% and spurring refinancing, according to Freddie Mac. "Interest rates have been below 5% over the past seven weeks," said Frank Nothaft, Freddie Mac's chief economist. The average rate for a 30-year fixed-rate mortgage, at 4.94% during the week ended Dec. 17, is getting closer to 5%. The previous week it was 4.81% and a year ago it was 5.19%. The average 15-year FRM rate was 4.38% during the most recent week. It was 4.32% a week ago and 4.92% a year ago. The average rate for a five-year hybrid Treasury-indexed adjustable-rate mortgage during the week ended Dec. 17 was 4.37%, up from 4.26% a week ago but down from 5.60% a year ago. The average one-year Treasury ARM rate was 4.34% in the most recent week, up from 4.24% a week ago but down from 4.94% a year ago. Average points were 0.7 for 30-year FRMs, 0.6 for 15-year FRMs and five-year Treasury hybrids, and 0.5 for one-year Treasury ARMs.