Mortgage rates fall to 4.82% - Orlando Business Journal:

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's weekly rate report said 30-year fixed-rate mortgages fell to an average 4.82 down from 4.86 percent for the week endinghMay 15. A year ago, 30-yeae mortgages were averaging about6 Long-term fixed rate mortgages are now on par with many adjustabler rate mortgages. A one year ARM also averaged 4.82 percenty last week. "Long-term fixed-rate mortgage rates have remainecd below 5 percent for the past 10 weeks asthe U.S. Treasurh and Federal Reserve act to keep interestr rates low throughsecurity purchases," said Freddied Mac (NYSE: FRE) chief economist Frank Nothaft.
"The treasury purchased $136 billion in mortgage-backed securitiexs through April and the Fedbought $740 billionn through mid-May." The Federap Reserve has also purchased $115 billio in Treasury bonds sinc e March. Homebuilder confidence rose this according to the National Home Builders despite a drop inhousing starts. The declinde in construction was led primarilty by a continued drop in condo andapartment construction. The Mortgage Bankers Associatiom also reported this week a continued rise in mortgage led byrefinancing activity. Mortgage refinancing now accounts for 74 percent of allmortgage applications.