Mortgage rates fell modestly this week after moving higher last month, according to Freddie Mac's weekly survey of mortgage rates.
After sinking to historic lows this year, rates on the benchmark 30-year, fixed-rate mortgage rose back above 5% as Treasurys gave up some of their gains and homebuying activity picked up. Higher Treasury yields generally result in higher mortgage rates.
The 30-year fixed-rate mortgage averaged 5.22% for the week ended Thursday, down from last week's 5.25% average and 6.52% a year earlier. Rates on 15-year, fixed-rate mortgages averaged 4.63%, down from 4.69% last week and 6.1% a year earlier.
Five-year, Treasury-indexed hybrid adjustable-rate mortgages averaged 4.73%, down from last week's 4.75% and 6.05% a year earlier. One-year, Treasury-indexed ARMs were 4.78%, down from 4.8% last week and 5.22% a year earlier.
To obtain the rates, the fixed-rate mortgages and the five-year adjustable rate required payment of an average 0.6 point, and the one-year ARM required an average 0.5 point. A point is 1% of the mortgage amount, charged as prepaid interest.
