The average rate on a 30-year fixed-rate home loan edged back above 5% last week as mortgage applications fell, the Mortgage Bankers Assn. said Wednesday.
The average rate on a 30-year fixed-rate loan, assuming a 20% down payment, increased to 5.02% from 4.89%. But upfront points paid to lenders, including the origination fee, averaged 1.11% of the loan balance, down from 1.13%, the trade association said.
The average 15-year rate rose to 4.44% from a record low of 4.32%, with average points paid unchanged at 1.04% of the loan amount.
The average rate on 30-year loans slipped below 5% in the middle of last month, based on the association's survey of lenders. That triggered a mini-boom in applications.