Mortgage rates fell modestly this week after moving higher last month, according to Freddie Mac's (FRE) weekly survey of mortgage rates.
After sinking to historic lows earlier 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 ago.
Rates on 15-year fixed-rate mortgages were 4.63%, down from 4.69% last week and 6.1% a year earlier.
Read more from the Wall Street Journal
http://online.wsj.com/article/BT-CO-20090806-...
Posted by Mortgage Rates on 8/7/09 12:06 PM
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