Mortgage Rates Rise This Week

Mortgage rates rose this past week on positive economic news and the possibility we are nearing the end of the recession said Frank Nothaft, Freddie Mac vice president and chief economist.

A 30-year fixed-rate mortgage averaged 4.84 percent with an average 0.7 point for the week ending May 7, 2009, up from last week when it averaged 4.78 percent. Last year at this time, the 30-year fixed rate mortgage average was over 6.00 percent at 6.05 percent.

A 15-year fixed rate mortgage rose above 4.50 percent this week, the average was 4.51 percent with an average 0.7 point, up from last week when it averaged 4.48 percent. Last year at this time the 15-year fixed rate mortgage averaged 5.60 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.90 percent this week, with an average 0.6 point, up from last week when it averaged 4.80 percent. A year ago, the 5-year adjustable rate mortgage averaged 5.67 percent.

One-year Treasury-indexed adjustable rate mortgages averaged 4.78 percent this week with an average 0.6 point, up from last week when it averaged 4.77 percent. At this time last year, the 1-year adjustable rate mortgages averaged 5.29 percent