McLean, VA – Results of Freddie Mac Primary Mortgage Market Survey® (PMMSSM) found that the 30-year fixed-rate mortgage (FRM) averaged 6.12 percent with an average 0.4 point for the week ending December 14, 2006, up slightly from last week when it averaged 6.11 percent. Last year at this time, the 30-year FRM averaged 6.30 percent.

The 15-year FRM this week averaged 5.86 percent with an average 0.5 point, up slightly from last week when it averaged 5.84 percent. A year ago, the 15-year FRM averaged 5.85 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.92 percent this week, with an average 0.6 point, unchanged from last week. A year ago, the five-year ARM averaged 5.77 percent.

One-year Treasury-indexed ARMs averaged 5.45 percent this week with an average 0.8 point, up from last week when it averaged 5.43 percent. At this time last year, the one-year ARM averaged 5.15 percent.

"Mixed economic reports have kept mortgage rates from making any drastic changes this week," said Frank Nothaft, Freddie Mac vice president and chief economist. "On the upside, there was stronger job growth and greater than expected retail sales in November. Offsetting that news was weaker wage growth in that same time frame and lower indications of consumer sentiment in December.

"Long-term mortgage rates, while expected to rise over the new year, will very likely not get up to even 7 percent, which will help to moderate the current weakness in the housing market."

Source: Freddie Mac