Long-term Mortgage Rates Take A Dip In Freddie Mac Weekly Survey
April 15, 2005
One-Year Arm Rises, While Five-Year ARM Eases Slightly
McLean, VA – The results of Freddie Mac (NYSE:FRE) Primary Mortgage Market SurveySM (PMMSSM) found 30-year fixed-rate mortgage (FRM) averaged 5.91 percent, with an average 0.7 points, for the week ending April 14, 2005, down from last week when it averaged 5.93 percent. Last year at this time, the 30-year FRM averaged 5.89 percent.
The average for the 15-year FRM this week is 5.46 percent, with an average 0.7 points, down from last week when it averaged 5.48 percent. A year ago, the 15-year FRM averaged 5.23 percent.
Five-Year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.31 percent this week, with an average 0.7 points, down from 5.33 last week. There is no annual historical information for last year since Freddie Mac only began tracking this mortgage rate at the start of this year.
One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 4.30 percent this week, with an average 0.6 point, up from last week when it averaged 4.23 percent. At this time last year, the one-year ARM averaged 3.69 percent.
"Given the current economy, mortgage rates can only rise so much in a short period of time," said Frank Nothaft, vice president and chief economist. "And the recent release of the minutes of the FOMC meeting muted market chatter about inflation, allowing rates to slip a little further this week.
"While we still expect mortgage rates to rise to perhaps as high as 6.50 percent by the end of the year, that escalation in rates will be gradual and restrained."
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Source: Freddie Mac
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