Industry NewsMortgage

Plain vanilla loans back above 5%

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Rates on "plain vanilla" 30-year fixed-rate mortgages shot back above 5 percent this week to a 25-week high, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.A surge in stock prices and burgeoning government debt is making mortgage-backed securities and long-term Treasuries look less attractive to investors, pushing up their yields.The 30-year fixed-rate mortgage (FRM) averaged 5.29 percent with an average 0.7 point for the week ending June 4, up from 4.91 percent last week but well below the 6.09 percent average a year ago, Freddie Mac said.The 15-year FRM this week averaged 4.79 percent with an average 0.7 point, up from 4.53 percent last week but down from 5.65 percent a year ago.Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.85 percent this week, with an average 0.6 point, up from 4.82 percent last week but down from 5.51 percent a year ago.One-year Treasury-indexed ARMs averaged 4.81 percent this week w...