Long-term Mortgage Rates Fall For The Sixth Straight Week
January 20, 2006
Adjustable Rates Mixed
McLean, VA –The Freddie Mac (NYSE:FRE) Primary Mortgage Market SurveySM (PMMSSM) found the 30-year fixed-rate mortgage (FRM) averaged 6.10 percent, with an average 0.5 point, for the week ending January 19, 2006, down from last week's average of 6.15 percent. Last year at this time, the 30-year FRM averaged 5.67 percent. This is the lowest the 30-year FRM has been since the week ending October 20, 2005 when it averaged 6.10 percent.
The average for the 15-year FRM this week is 5.67 percent, with an average 0.5 point, down from last week's average of 5.71 percent. A year ago, the 15-year FRM averaged 5.15 percent. This is the lowest the 15-year FRM has been since the week ending October 20, 2005 when it averaged 5.65 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.75 percent this week, with an average 0.6 point, down very slightly from last week when it averaged 5.76 percent. A year ago, the five-year ARM averaged 5.05 percent.
One-year Treasury-indexed ARMs averaged 5.18 percent this week, with an average 0.6 point, up from last week when it averaged 5.15 percent. At this time last year, the one-year ARM averaged 4.11 percent.
"Over the last six weeks, long-term mortgage rates have dropped nearly a quarter of a percent in the face of little or no inflationary pressures," said Frank Nothaft, Freddie Mac vice president and chief economist. "Our outlook for the housing industry continues to be that mortgage rates will remain affordable for the rest of the year at least, keeping the industry alive and well into the foreseeable future."
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Source: Freddie Mac
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