Freddie Survey Finds Long-Term Rate Back Over 5%

The average rate for a 30-year fixed-rate mortgage inched very slightly above 5% during the week ended Feb. 4, according to the Freddie Mac Primary Mortgage Market Survey. At 5.01%, this was up from 4.98% the previous week but down from 5.25% a year ago. "Mortgage rates remained relatively stable for a second week amid news of a strengthening housing market," said Frank Nothaft, Freddie Mac vice president and chief economist. The average 15-year FRM rate in the latest survey was 4.40%, up from 4.39% the previous week but down from 4.92% a year ago. The average rate for a five-year hybrid Treasury-indexed adjustable-rate mortgage was 4.27%, up from 4.25% the previous week but down from 5.26% a year ago. The average one-year Treasury ARM rate was 4.22%, down from 4.29% the previous week and from 4.92% a year ago. Average points were 0.7 for 15- and 30-year product, 0.6 for five-year Treasury hybrids and 0.5 for one-year Treasury ARMs.