News - Local
Mortgage rates now above 5 percent
Posted: Feb 25, 2010 10:08 AM
Rates for 30-year home loans rose above the 5 percent threshold for the first time in three weeks, but remained near historically low levels.
The mortgage finance company Freddie Mac said Thursday that the average rate on a 30-year fixed rate mortgage was 5.05 percent this week, up from 4.93 percent a week earlier.
Rates had dropped to a record low of 4.71 percent in December, pushed down by an aggressive government campaign to reduce consumers' borrowing costs.
Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country.
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