Industry NewsMortgage

Mortgage rates stay below 5%

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Rates on 30-year fixed-rate mortgages stayed below 5 percent for the third week in a row, averaging 4.92 percent with an average of 0.7 point for the week ending Oct. 15, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.That's up from 4.87 percent last week, but well below the 6.46 percent average surveyed at the same time a year ago.The 15-year fixed mortgage rate this week averaged 4.37 percent with an average 0.7 point, up from 4.33 percent last week but down from 6.14 percent a year ago.The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.38 percent this week with an average 0.6 point, up from 4.35 percent last week but down from 6.14 percent a year ago.The one-year Treasury-indexed ARM averaged 4.6 percent this week with an average 0.5 point, up from 4.53 percent last week but down from 5.16 percent a year ago.Those rates are for prime borrowers taking out loans with 20 percent downpayments. Borrowers taking out loan...