Mortgage rates tick up; 30-year at 5.24%

Mortgage rates tick up; 30-year at 5.24%
By Mary Ellen Podmolik
Copyright © 2009, Chicago Tribune
8:54 AM CDT, May 21, 2009
http://www.chicagotribune.com/business/chi-biz-mortgage-rates-may21,0,6666585.story


Are mortgage rates on the way up or down? It depends on whom you ask.

Bankrate.com's on Thursday said its weekly national survey taken Wednesday showed an uptick in rates, with the average 30-year fixed mortgage rate moving to 5.24 percent, from 5.21 percent.

The average 30-year fixed-rate mortgage carried a .43 discount and origination points, on average.

There was some good news from Bankrate. The average 15-year fixed rate mortgage inched down to 4.74 percent, from 4.76 percent last week. The average rate on a 30-year jumbo mortgage was 6.37 percent.

Just to confuse things, Freddie Mac said Thursday its weekly survey, for the week ended Thursday, pegged the average 30-year fixed rate at 4.82 percent, compared with 4.86 percent last week. In the same weekly period a year ago, the average rate on a 30-year fixed rate mortgage was 5.98 percent.

Freddie Mac said the 15-year fixed rate average also slipped, to 4.5 percent from 4.52 percent a week ago.

Wednesday, the Mortgage Bankers Association said mortgage loan applications rose 2.3 percent in the week ended May 15 but an increased share of applications were for refinancings.

mepodmolik@tribune.com