Mortgage Rates Flat - 30 Year at 5.19%

After breaking through 5% and surging to 5.20% last week the 30-year average mortgage rate declined slightly to 5.19% according to BestCashCo

w/Informa data. The successful auction of 10 year Treasury notes last week reassured the market and stopped any further climb in rates. Most analysts expect rates to rise to the 5.50-6% range over the next six months but if Treasury auctions continue to run strong, then rates could linger below 5.5% for some time.

What Does This Mean for Homebuyers?

I've been following actual rates, not just averages for a 30-year fixed rate loan in Massachusetts for the past four months. Until two weeks ago, a homebuyer could get a $200,000 loan at 0 points for 4.5%. Last week, the rate shot up to 5.125%. This week is came down to 4.875%.

Other Mortgage Rates

Other rates moved up slightly. The average 15-year fixed rate mortgage rose from 4.50% to 4.52%, up from a low of 4.34% in March. As the chart shows, the 5-year ARM rose from 4.03% to 4.05%. The 5-year ARM has shown much less volatility than the longer-term fixed rate mortgages. The 1-year ARM, one of the most volatile of the rates tracked moved from 4.83% to 4.86%

View mortgage rates by state and zip code.

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