Long-term Mortgages Rates Rise To Highest Level This Year
February 17, 2006
Rates Continue On Slight And Gradual Upward Trend
McLean, VA — Freddie Mac (NYSE:FRE) Primary Mortgage Market SurveySM (PMMSSM) found that the 30-year fixed-rate mortgage (FRM) averaged 6.28 percent, with an average 0.5 point, for the week ending February 16, 2006, up from last week's average of 6.24 percent. Last year at this time, the 30-year FRM averaged 5.62 percent.
The average for the 15-year FRM this week is 5.91 percent, with an average 0.5 point, up from last week's average of 5.83 percent. A year ago, the 15-year FRM averaged 5.14 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.95 percent this week, with an average 0.5 point, up from last week when it averaged 5.89 percent. A year ago, the five-year ARM averaged 5.05 percent.
One-year Treasury-indexed ARMs averaged 5.36 percent this week, with an average 0.7 point, up from last week when it averaged 5.34 percent. At this time last year, the one-year ARM averaged 4.15 percent.
"So far this year, fixed-rate mortgage rates have risen only slightly," said Frank Nothaft, Freddie Mac vice president and chief economist. "Long-term mortgage rates are only marginally higher than they were two months ago.
"Housing start figures in January came in at the highest level in over three decades, due in part to the combination of low rates and a warmer climate across the country."
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Source: Freddie Mac