Great news via the Wall Street Journal! Mortgage rates this week fell for the first time in more than a month, with the average rate on a 30 year fixed mortgage falling to 4.8%. Rates have been going up mostly as of late with increases the previous four weeks, after declining much of last year. The prior week’s rate was 4.91% and 5.07% a year earlier. Rates on a 15 year loan were 4.02%, down from 4.13% in the previous week and 4.39% last year.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.61%, down from the prior week’s 3.78% and 4.03% a year earlier. One-year Treasury-indexed ARMs were 3.16%, down from 3.25% and 4.22%, respectively.
To obtain the rates, the fixed-rate mortgages required payment of an average 0.7 point and the others required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.