Mortgage Rates Back Over 5%

Washington, DC, Feb. 11, 2011 — The national average interest for a 30-year, fixed-rate mortgage topped 5% for the first time since May 2010, according to Freddie Mac’s Primary Mortgage Market Survey.

During the week ending Feb. 11, rates averaged 5.05%. That factors in an average of 0.8 points in rate pay down fees.

And rates quoted by Bankrate.com — which look at loans not backed by mortgage giants Fannie Mae or Freddie Mac — spiked to nearly 5.25% in the past week.

The rising rates can give a temporary boost to home sales because waffling buyers to get off the fence thinking it may cost them more to delay.