BUSINESS BRIEFING / MORTGAGES
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The average rate on 30-year fixed mortgages rose to 5.12% this week from a record low of 4.96% established last week, mortgage company Freddie Mac said.
The average rate on a 15-year fixed-rate mortgage rose to 4.8% from 4.65% last week. Five-year, adjustable-rate mortgages fell to 5.24%, their lowest level since the week ending Sept. 8, 2005, Freddie Mac said. Rates on one-year, adjustable-rate mortgages rose to 4.92% from 4.89% last week.
These rates do not include add-on fees known as points. The nationwide fee for 30-year, 15-year and one-year ARMs averaged 0.7 of a point for this week. Fees for five-year ARMs averaged 0.6 of a point.
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