Long- And Short-term Mortgage Rates Rise This Week
July 8, 2005
Housing Outlook Continues To Look Rosy
McLean, VA – Interest rates rose across the board this week's according to Freddie Mac (NYSE:FRE) Primary Mortgage Market SurveySM (PMMSSM).'s
The 30-year fixed-rate mortgage (FRM) averaged 5.62 percent, with an average 0.6 point, for the week ending July 7, 2005, up from last week when it averaged 5.53 percent. Last year at this time, the 30-year FRM averaged 6.01 percent,
The average for the 15-year FRM this week is 5.20 percent, with an average 0.7 point, up from last week when it averaged 5.12 percent. A year ago, the 15-year FRM averaged 5.42 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.19 percent this week, with an average 0.7 point, up from last week when it averaged 5.06 percent. 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 ARMs averaged 4.33 percent this week, with an average 0.7 point, up from last week when it averaged 4.24 percent. At this time last year, the one-year ARM averaged 4.05 percent.
"Although mortgage rates ticked up this week, the 30-year mortgage rate –apart from a brief two-week stint in March – has stayed below six percent all year. As a result the housing industry is likely headed for another record-breaking year," said Frank Nothaft, Freddie Mac vice president and chief economist. "For example, the Mortgage Bankers Association survey for last week showed that applications for home purchases were just shy of the all-time record set in May.
"Freddie Mac's economic outlook for July will be released this afternoon, and it will add greater detail about our expectations for the economy in general, and housing in particular."
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Source: Freddie Mac