Mortgage Rates Inch Up

McLEAN, Va. – Home loan rates ticked up this week, although the average for the benchmark 30-year rate hovered just above 5%, according to Freddie Mac.
 
The average for the 30-year rate rose to 5.03% this week, from 5% last week; while the average for the 15-year, fixed-rate loan moved to 4.46%, from 4.43%.
 
ARM rates also moved slightly higher, with the average for the five-year ARM inching up to 4.42%, from 4.40%; and the average for the one-year ARM going to 4.57%, from 4.54%.
 
"Interest rates for 30-year fixed mortgages have averaged just below 5% this year, which is the lowest 10-month average since the survey began in 1971," said Frank Nothaft, chief economist for Freddie Mac. "As a result, refinance activity has accounted for almost seven out of 10 mortgage applications on average this year, according to Freddie Mac's survey."