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Mortgage Rates Rise Again On News Of Growth In Durable Goods Orders

May 31, 2007

McLean, VA – Freddie Mac's Primary Mortgage Market Survey found that the 30-year fixed-rate mortgage (FRM) averaged 6.42 percent with an average 0.4 point for the week ending May 31, 2007, up from last week when it averaged 6.37 percent. Last year at this time, the 30-year FRM averaged 6.67 percent.

The 15-year FRM this week averaged 6.12 percent with an average 0.4 point, up from last week when it averaged 6.06 percent. A year ago, the 15-year FRM averaged 6.26 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.19 percent this week, with an average 0.5 point, up from last week when it averaged 6.02 percent. A year ago, the 5-year ARM averaged 6.26 percent.

One-year Treasury-indexed ARMs averaged 5.57 percent this week with an average 0.6 point, down from last week when it averaged 5.64 percent. At this time last year, the 1-year ARM averaged 5.68 percent.

(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)

"Interest rates on fixed-rate mortgages increased further this week following stronger growth in orders for durable goods," said Frank Nothaft, Freddie Mac vice president and chief economist. "Recent reports have indicated that economic growth outside of the housing market remains robust, with a healthy consumer sector and improving business spending.

"April's total home sales (including condominiums and co-ops) were below the pace of last year, and the S&P/Case-Shiller® 20-market composite index shows home values off by 1.4 percent over the year ending March."

The National Mortgage Rate Snapshop
This Week One Week Ago One Year Ago
30-Yr 15-Yr 5-Yr
ARM
1-Yr ARM
6.42 6.12 6.19 5.57
0.4

0.4

0.5 0.6
30-Yr 15-Yr 5-Yr
ARM
1-Yr ARM
6.37 6.06 6.02 5.64
0.4

0.4

0.5 0.6
30-Yr 15-Yr 5-Yr
ARM
1-Yr ARM
6.67 6.26 6.26 5.68
0.4 0.4 0.5 0.7

Source: Freddie Mac



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