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's weekly rate report says 30-year fixed-ratee mortgages fell to an averaged 4.82 percent, down from 4.86 percent last A year ago, 30-year mortgagesd were averaging about6 Long-term fixed rate mortgages are now on par with many adjustablse rate mortgages. A one year ARM also averagef 4.82 percent this week. "Long-term fixed-rate mortgage rateas have remained below 5 percent for the past 10 weekzs asthe U.S. Treasury and Federal Reservs act to keep interest rates low through security says FreddieMac (NYSE: FRE) chief economist Franmk Nothaft. "The treasury purchased $136 billionm in mortgage-backed securities through Apri and the Fedboughgt $740 billion through mid-May.
" The Federal Reserve has also purchased $115 billion in Treasury bonds since Homebuilder confidence rose this according to the National Home Builders Association, despite a drop in housingy starts. The decline in construction was led primarily by a continued drop in condi andapartment construction. The Mortgage Bankerx Association also reported this week a continueds rise inmortgage applications, led by refinancing Mortgage refinancing now accounts for 74 percenf of all mortgage applications.
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