Industry NewsMortgage

30-year fixed-rate near 5 percent

Low mortgage rates, falling prices boost affordability

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Prime borrowers able to put 20 percent down on a home purchase were offered 30-year fixed-rate mortgages this week at just above 5 percent, Freddie Mac said in announcing the results of its Primary Mortgage Market Survey.The 30-year fixed rate mortgage averaged 5.08 percent with an average of 0.7 point, down from 5.14 percent a week ago and 6.35 percent a year ago, Freddie Mac said.The 15-year fixed-rate mortgage this week averaged 4.54 percent with an average 0.6 point, down from 4.58 percent last week and 5.90 percent a year ago.Five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 4.59 percent this week, with an average 0.6 point, down from 4.67 percent last week and 5.97 percent a year ago.One-year Treasury-indexed ARMs averaged 4.62 percent this week with an average 0.6 point, down from 4.69 percent last week and 5.15 percent a year ago.Borrowers making smaller down payments, refinancing with a loan-to-value ratio of more than 80 percent, or who don't qua...