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Mortgage Rates Tick Up Slightly As Housing Market Continues To Show Weakness

December 21, 2007

McLean, VA – Results of the Freddie Mac Primary Mortgage Market Survey® (PMMSSM) found that the 30-year fixed-rate mortgage (FRM) averaged 6.14 percent with an average 0.4 point for the week ending December 20, 2007, up from last week when it averaged 6.11 percent as well. Last year at this time, the 30-year FRM averaged 6.13 percent.

The 15-year FRM this week averaged 5.79 percent with an average 0.4 point, upfrom last week when it averaged 5.78 percent. A year ago at this time, the 15-year FRM averaged 5.89 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.90 percent this week, with an average 0.5 point, up from last week when it averaged 5.89 percent. A year ago, the 5-year ARM averaged 5.96 percent.

One-year Treasury-indexed ARMs averaged 5.51 percent this week with an average 0.6 point, up from last week when it was 5.50 percent. At this time last year, the 1-year ARM averaged 5.44 percent.

"Stronger-than-expected inflation reports and retail sales for November put upward pressure on long-term interest rates late last week," said Frank Nothaft, Freddie Mac vice president and chief economist. "However, ensuing data releases suggested further weakness in the housing market over November and December and allowed interest rates to drift back down. The net effect left mortgage rates little changed this week.

"Both the producer and consumer price indexes jumped for the month of November, implying inflation may still be a threat to the economy while retail sales increased twice as much as market forecasts, reflecting healthy consumer spending. At roughly the same time, single-family housing starts fell 5.4 percent in November to 829,000, the slowest pace since April 1991, and homebuilder confidence in December held for the third consecutive month at the lowest level since records began in January 1985."




The National Mortgage Rate Snapshop
This Week One Week Ago One Year Ago
30-Yr 15-Yr 5-Yr
ARM
1-Yr ARM
6.14 5.79 5.90 5.51
0.4 0.4 0.5 0.6
30-Yr 15-Yr 5-Yr
ARM
1-Yr ARM
6.11 5.78 5.89 5.50
0.5 0.5 0.6 0.6
30-Yr 15-Yr 5-Yr
ARM
1-Yr ARM
6.13 5.89 5.96 5.44
0.4 0.4 0.5 0.6




Source: Freddie Mac



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