Mortgage Rates Fall For The First Time In Thirteen Weeks
November 23, 2005
McLean, VA – Results of the Freddie Mac (NYSE:FRE) Primary Mortgage Market SurveySM (PMMSSM) found the 30-year fixed-rate mortgage (FRM) averaged 6.28 percent, with an average 0.6 point, for the week ending November 24, 2005, down from last week’s average of 6.37 percent. Last year at this time, the 30-year FRM averaged 5.72 percent.
The average for the 15-year FRM this week is 5.81 percent, with an average 0.6 point, also down from last week when it averaged 5.90 percent. A year ago, the 15-year FRM averaged 5.15 percent
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.75 percent this week, with an average 0.8 point, down from last week when it averaged 5.86 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 5.14 percent this week, with an average 0.7 point, down from last week when it averaged 5.20 percent. At this time last year, the one-year ARM averaged 4.27 percent.
"Lower oil prices – at least compared to the last several months – have helped to alleviate some of the inflation fears that the market has been experiencing lately," said Frank Nothaft, Freddie Mac vice president and chief economist. "That helped to reduce upward pressure on interest rates last week, allowing mortgage rates to ease a bit for the first time in 13 weeks.
"This should be a quiet week as the nation officially begins the holiday season, but next week existing and new home sales figures, which are expected to be lower, will be released. Consumer Confidence for November, which is expected to be up, will also come out next week. And these figures may well influence the direction of mortgage rates over the next few weeks.
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Source: Freddie Mac