Mortgage Rates Edge Higher On Good Economic News
March 29, 2002
Housing Industry Expected To Remain Vibrant In 2002
McLean, VA ? In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 7.18 percent, with an average 0.7 point, for the week ending March 29, 2002, up from 7.14 percent last week. Last year at this time, the 30-year FRM averaged 6.91 percent.
The average for the 15-year FRM this week is 6.69 percent, with an average 0.7 point, also higher than last week's average of 6.65 percent. A year ago, the 15-year FRM averaged 6.46 percent.
One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 5.11 percent this week, with an average 0.7 point, unchanged from last week's average of 5.11 percent. This time last year, the one-year ARM averaged 6.19 percent.
(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
"Interest rates for fixed-rate mortgages edged up this week, as the market tried to decipher new releases of economic indicators and how strong the economy will be in the first three months of the year," said Robert Van Order, chief international economist.
"At the moment inflation remains tame and the Federal Reserve Board appears to be on hold over raising short-term rates. This should keep mortgage rates from skyrocketing in the near future."
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Source: Freddie Mac