Average rates on 30-year mortgages unchanged, but still above 5 percent

Mortgage rates unchanged from last week

McLEAN, Va. — Rates on 30-year mortgages didn’t budge from last week and remained above 5 percent, Freddie Mac said Thursday.

The average rate for 30-year fixed-rate mortgages was 5.07 this week, the same as the previous week. A year ago, 30-year fixed rate mortgages averaged 4.80 percent, Freddie Mac said.

Rates had dropped to a record low of 4.71 percent in December, pushed down by a campaign by the Federal Reserve to reduce borrowing costs for consumers. The program ended at the end of March, but the Fed left the door open to reviving the program if the economy weakens.

Low rates make mortgages less expensive for homebuyers.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often tracking the interest rate paid on long-term Treasury bonds.

This week, the average rate on a 15-year fixed-rate mortgage was 4.39 percent, down from 4.40 percent last week.

Rates on five-year, adjustable-rate mortgages averaged 4.03 percent, down from 4.08 percent a week earlier. Rates on one-year, adjustable-rate mortgages rose to 4.22 percent from 4.13 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.

The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 of a point for 30-year loans, 0.6 of a point for 15-year and 5-year loans, and 0.5 of a point for 1-year loans.