Market Uncertainty Keeps Mortgage Rates In Check, Finds Freddie Mac Weekly Survey
September 13, 2002
Housing Poised for Another Banner Year
McLean, VA – In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.18 percent, with an average 0.6 point, for the week ending September 13, 2002, inching up from 6.15 percent last week. Last year at this time, the 30-year FRM averaged 6.86 percent.The average for the 15-year FRM this week is 5.59 percent, with an average 0.6 point, up slightly from last week's average of 5.56 percent. A year ago, the 15-year FRM averaged 6.39 percent.
One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 4.32 percent this week, with an average 0.6 point, almost unchanged from last week's average of 4.35 percent. This time last year, the one-year ARM averaged 5.62 percent.
(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
"Markets are on edge, trying to decipher the implications of the latest economic and political statements," said Frank Nothaft, Freddie Mac chief economist."It's that uncertainty that is keeping mortgage rates from moving one way or the other.
"Today's low rates are very beneficial to potential and current homeowners, who are applying for mortgages for both purchase and refinance at unprecedented levels. As a matter of fact, we are not only forecasting total home sales in 2002 will exceed last year's volume to reach an all-time record number, but also that mortgage rates will average only slightly above current levels
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Source: Freddie Mac