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30-year mortgage rates rise above 5%

February 26, 2010|By E. Scott Reckard

The average interest rate offered by lenders on 30-year fixed-rate home loans rose this week, topping 5% for the first time in three weeks, Freddie Mac said Thursday.

The government-controlled mortgage buyer pegged this week's average for a 30-year loan at 5.05% with 0.7% of the loan balance paid in upfront fees, including so-called discount points. The rate was up from 4.93% last week, though down from 5.07% a year ago.

The Freddie Mac survey asks lenders about popular combinations of rates and fees they are offering to borrowers who have good credit and at least a 20% down payment or, for a refinancing, at least that much home equity.

Mortgage professionals say well-qualified borrowers often can find slightly better deals by shopping around.

The average rate offered on 15-year fixed-rate loans was 4.4% this week with 0.7% in fees, up from 4.33% last week.

The five-year Treasury-indexed hybrid adjustable-rate mortgage, which has a fixed rate for five years and then becomes variable, averaged 4.16% this week, up slightly from last week.

One-year Treasury-indexed adjustable loans, whose rates reset annually, averaged 4.15%, down slightly from last week.

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