Mortgage rates were mostly unchanged the latest week, with the average rate on 30-year fixed-rate mortgages barely edging up, according to Freddie Mac’s weekly survey.
“Mortgage rates held relatively stable this week on news that the economy improved and inflation remained in check at the end of 2010,” said Freddie Chief Economist Frank Nothaft.
Rates have slumped as yields on Treasurys slid amid economic uncertainty. But yields began to rise recently, helping push rates back up. Mortgage rates generally track the yields, which move inversely to Treasury prices.
The 30-year fixed-rate mortgage averaged 4.81 percent for the week ended Thursday, up slightly from the prior week’s 4.8 percent but down from 5.01 percent a year earlier. Rates on 15-year fixed-rate mortgages were 4.08 percent, edging down from 4.09 percent in the previous week and 4.4 percent a year earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.69 percent, down from the prior week’s 3.70 percent and 4.27% a year earlier. One-year Treasury-indexed ARMs were 3.26 percent, flat with last week’s level and below the year earlier’s 4.22 percent.
To obtain the rates, the 30- and 15-year fixed-rate mortgages required payment of an average 0.8 point, while the five-year required a 0.7 and the one-year required a 0.6.
Another headline that doesn’t correspond to the text. Apparently Zell had to lay off all the proofreaders.
Which is it up to?? 3.81 or 4.81??? How can they get the HEADLINE WRONG???