Industry NewsMortgage

30-year fixed punches through 5 percent

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Rates on 30-year fixed-rate mortgages broke through the 5 percent mark this week for the first time in three weeks, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.The 30-year fixed-rate mortgage averaged 5.05 percent with an average 0.7 point for the week ending Feb. 25, up from 4.93 percent last week but down from 5.07 percent a year ago.The 15-year fixed-rate mortgage averaged 4.4 percent with an average 0.7 point, up from 4.33 percent last week but down from 4.68 percent a year ago.The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.16 percent with an average 0.6 point, up from 4.12 percnet last week but down from 5.06 percent a year ago.Freddie Mac Chief Economist Frank Nothaft said rates for 30-year fixed mortgages followed long-term bond yields higher amid a mixed set of economic data reports. The January producer price index jumped well above the market consensus, but the consumer price index remained subdued and C...