Mortgage Rates Show Week-to-Week Stability

The average rate for a 30-year fixed rate mortgage remained at 5.07% during the week ended April 22, according to Freddie Mac. The 30-year rate was the same last week and 4.80% a year ago. "Mortgage rates on fixed-loans were relatively unchanged this week while ARM rates were mixed," said Frank Nothaft, Freddie Mac vice president and chief economist. The average 15-year FRM fell to 4.39% from 4.40% the previous week and from 4.48% a year ago. The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage was 4.03%, down from 4.08% the previous week and 4.85% a year ago. The average one-year Treasury ARM rate was 4.22%, up from 4.13% the previous week but down from 4.82% 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.