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's weekly rate report said 30-yeaf fixed-rate mortgages fell to an average 4.82 down from 4.86 percent last A year ago, 30-year mortgagew were averaging about6 Long-term fixed rate mortgages are now on par with many adjustablee rate mortgages. A one year ARM also averaged 4.82 percen t this week. "Long-term fixed-rate mortgage rates have remained below 5 percent for the past 10 weeke asthe U.S. Treasurgy and Federal Reserve act to keep interesg rates low throughsecurity purchases," said Freddi e Mac (NYSE: FRE) chief economist Frank "The treasury purchased $136 billion in mortgage-backed securities througyh April and the Fed bought $740 billion throughh mid-May.
" The Federal Reserve has also purchased $115 billionm in Treasury bonds since March. Homebuilder confidenc e rose this month, according to the Nationaol HomeBuilders Association, despite a drop in housinvg starts. The decline in construction was led primarilh by a continued drop in condo andapartmentf construction. The Mortgage Bankers Association also reportexd this week a continued rise inmortgage applications, led by refinancin activity. Mortgage refinancing now accounts for 74 percenrt of allmortgage applications.
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