Long-term Mortgage Rates Flat This Week
December 2, 2005
Adjustable Rates Continue To Rise, But Only Slightly
McLean, VA - The latest Freddie Mac (NYSE:FRE) Primary Mortgage Market SurveySM (PMMSSM) found the 30-year fixed-rate mortgage (FRM) averaged 6.26 percent, with an average 0.5 point, for the week ending December 1, 2005, down slightly from last week's average of 6.28 percent. Last year at this time, the 30-year FRM averaged 5.81 percent.
The average for the 15-year FRM this week is 5.81 percent, with an average 0.5 point, unchanged from last week when it also averaged 5.81 percent. A year ago, the 15-year FRM averaged 5.23 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.76 percent this week, with an average 0.6 point, up very slightly from last week when it averaged 5.75 percent. There is no annual historical information for last year since Freddie Mac only began tracking this mortgage rate at the start of this year.
One-year Treasury-indexed ARMs averaged 5.16 percent this week, with an average 0.8 point, also up very slightly from last week when it averaged 5.14 percent. At this time last year, the one-year ARM averaged 4.19 percent.
"Mortgage rates are in a holding pattern at the moment as financial markets try to discern where inflation and growth in the economy are headed," said Frank Nothaft, Freddie Mac vice president and chief economist. "Until the market decides these issues, mortgage rates should stay within a relatively narrow band.
"Current low mortgage rates, coupled with the higher 2006 conforming loan limits of $417,000, should help to keep the mortgage industry bustling as we head into the new year."
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Source: Freddie Mac
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