Industry NewsMortgage

30-year fixed-rate tops 5%

Mortgage rates near historic lows

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Mortgage rates have hovered near historic lows in recent weeks, with prime borrowers making 20 percent downpayments this week able to obtain 30-year fixed-rate mortgages at just over 5 percent, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.The 30-year fixed-rate mortgage averaged 5.07 percent, with an average 0.7 point, for the week ending Sept. 10, Freddie Mac said, down from 5.08 percent last week and 5.93 percent a year ago. Rates for 30-year fixed-rate loans hit a record low of 4.78 percent in April, thanks in large part to the Federal Reserve's commitment to purchase up to $1.25 trillion in mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae (see story). The 15-year FRM this week averaged 4.5 percent with an average 0.7 point, down from 4.54 percent last week and 5.54 percent a year ago.Five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 4.51 percent with an average 0.5 point, down from 4...