Mortgage Rates Fairly Flat This Week
July 7, 2006
McLean, VA – Freddie Mac (NYSE:FRE) Primary Mortgage Market SurveySM (PMMSSM) found that the 30-year fixed-rate mortgage (FRM) averaged 6.79 percent, with an average 0.5 point, for the week ending July 6, 2006, almost unchanged from last week's average of 6.78 percent. Last year at this time, the 30-year FRM averaged 5.62 percent. The 30-year FRM has not been higher since May 24, 2002, when it averaged 6.81 percent.
The average for the 15-year FRM this week is 6.44 percent, with an average 0.5 point, also nearly unchanged from last week's average of 6.43 percent. A year ago, the 15-year FRM averaged 5.20 percent. The 15-year FRM has not been higher since April 12, 2002, when it averaged 6.49 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.39 percent this week, with an average 0.6 point, unchanged from last week when it averaged 6.39 percent. A year ago, the five-year ARM averaged 5.19 percent. This is the highest the 5-year ARM has been since Freddie Mac started tracking it on January 6, 2005.
One-year Treasury-indexed ARMs averaged 5.83 percent this week, with an average 0.8 point, nearly unchanged from last week when it averaged 5.82 percent. At this time last year, the one-year ARM averaged 4.33 percent. The 1-year ARM has not been higher since the week ending June 8, 2001, when it averaged 5.85 percent.
"Since last week's rate increase by the Federal Reserve came as no great surprise, mortgage rates remained nearly unchanged from the previous week," said Frank Nothaft, Freddie Mac vice president and chief economist. "This is fairly consistent with our economic outlook, which continues to forecast that the interest rate for the 30-year fixed-rate mortgage will gradually drift upward, but should remain under seven percent for the year."
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Source: Freddie Mac
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