Mortgage Rates Mixed This Week; 30-Year Fixed At 4.86% -Freddie

   DOW JONES NEWSWIRES 
 

Mortgage rates were mixed this week, but the average rate on 30-year fixed-rate mortgages remained below 5%, according to Freddie Mac's (FRE) weekly survey of mortgage rates.

Mortgage rates have fallen in recent months as providers try to entice buyers amid the housing market downturn. But many consumers are wary of making the commitment to purchase a home - and many prospective buyers face challenges getting financing amid the tight credit market.

The 30-year fixed-rate mortgage averaged 4.86% for the week ended Thursday, up from last week's 4.84% average but down from 6.01% a year ago.

Rates on 15-year fixed-rate mortgages were 4.52%, up slightly from 4.51% last week and down from 5.6% a year earlier.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.82%, down from 4.9% last week and well below their 5.57% average a year ago. One-year Treasury-indexed ARMs were 4.71%, down from 4.78% and 5.18%, respectively.

To obtain the rates, all four mortgages and required payment of an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.

-By Kerry E. Grace, Dow Jones Newswires; 201-938-5089; [e-mail]