McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.24 percent with an average 0.5 point for the week ending November 16, 2006, down from last week when it averaged 6.33 percent. Last year at this time, the 30-year FRM averaged 6.37 percent.
The 15-year FRM this week averaged 5.94 percent with an average 0.5 point, down from last week when it averaged 6.04 percent. A year ago, the 15-year FRM averaged 5.90 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.04 percent this week, with an average 0.5 point, up from last week when it averaged 6.08 percent. A year ago, the five-year ARM averaged 5.86 percent.
One-year Treasury-indexed ARMs averaged 5.53 percent this week with an average 0.5 point, down from last week when it averaged 5.55 percent. At this time last year, the one-year ARM averaged 5.20 percent.
"Both long- and short-term mortgage rates fell this week on early signs that the threat of inflation may be waning," said Frank Nothaft, Freddie Mac vice president and chief economist. "The Producer Price Index (PPI) and Consumer Price Index (CPI) for October came in lower than expected and bond yields dropped, pulling mortgage rates lower."
"We've probably seen the worst of the housing slump, although it may not have entirely bottomed out yet. On the other hand, lower mortgage rates should help stimulate activity in the housing market."
Published: November 17, 2006
posted by larfelts @ 4:20 PM
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