Rates for 30-year home loans rise to over 5-percent for the first time in weeks.
Freddie Mac today released the results of its Primary Mortgage Market Survey in which the 30-year FRM averaged 5.05 percent with an average 0.7 point for the week ending February 28, 2010, up from last week when it averaged 4.93 percent. Last year at this time, the 30-year FRM averaged 5.07 percent.
The approaching end of Federal Reserve purchases of Freddie Mac and Fannie Mae mortgage bonds is expected to result in rate increases later this year. The Mortgage Bankers Assn. estimates interest rate might rise by half a percentage point.
Primary Mortgage Market Survey [Freddie Mac]