Mortgage rates rise to above 5 percent

Thirty-year fixed-rate mortgages broke the 5 percent threshold this week, rising for the third week in a row to an average interest rate of 5.05 percent, according to Freddie Mac’s weekly survey. This is the first week since the end of October that the 30-year fixed-rate mortgage, the most widely used loan in the country, averaged above 5 percent, just three weeks after rates fell to a record-low 4.71 percent. Last week, the average interest rate came in a 4.94 percent. The 15-year fixed-rate mortgage also rose this week, with interest rates average 4.45 percent, up from 4.38 percent in the week prior, while one-year adjustable-rate mortgages (ARMs), rose to 4.38 percent. ARMs were averaging 4.34 percent one week ago. [Fox Business]