Mortgage Rates Fall This Week For The First Time In Five Weeks
July 14, 2006
Upward Pressure Eases
McLean, VA – According to Freddie Mac Primary Mortgage Market SurveySM (PMMSSM) the 30-year fixed-rate mortgage (FRM) averaged 6.74 percent, with an average 0.6 point, for the week ending July 13, 2006, down from last week's average of 6.79 percent. Last year at this time, the 30-year FRM averaged 5.66 percent.
The average for the 15-year FRM this week is 6.37 percent, with an average 0.4 point, down from last week's average of 6.44 percent. A year ago, the 15-year FRM averaged 5.25 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.33 percent this week, with an average 0.5 point, down from last week when it averaged 6.39 percent. A year ago, the five-year ARM averaged 5.15 percent.
One-year Treasury-indexed ARMs averaged 5.75 percent this week, with an average 0.6 point down from last week when it averaged 5.83 percent. At this time last year, the one-year ARM averaged 4.39 percent.
"June's employment report caught financial markets off guard. In response, long-term bond yields eased a bit this week," said Frank Nothaft, Freddie Mac vice president and chief economist. "Combined with the financial market's expectation of only one more rate hike by the Federal Reserve this year, upward pressure on long-term rates eases considerably. This should keep mortgage rates relatively stable for the foreseeable future."
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Source: Freddie Mac