Housing Sales Showing Signs Of Easing As Low Mortgage Retes Fuel Yet Another Refi Boom
August 23, 2002
One-Year ARM Drops Very Slightly
McLean, VA – In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.27 percent, with an average 0.7 point, for the week ending August 23, 2002, rising from 6.22 percent last week. Last year at this time, the 30-year FRM averaged 6.91 percent.
The average for the 15-year FRM this week is 5.71 percent, with an average 0.7 point, up from last week's average of 5.63 percent. A year ago, the 15-year FRM averaged 6.47 percent.
One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 4.34 percent this week, with an average 0.7 point, down slightly from last week's average of 4.39 percent. This time last year, the one-year ARM averaged 5.68 percent.
(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
"Both existing home sales in June and housing starts in July took a breather, dropping to somewhat more sustainable levels of activity," said Frank Nothaft, Freddie Mac chief economist. "More recently, mortgage applications for home purchases in August indicate that the housing industry may finally be slowing to a still healthy but more normal pace. Applications for refinance, however, remain vibrant because of continued low mortgage rates.
"When figures for new and existing home sales for July are released next week, we will have a better picture of whether or not the housing market is actually easing a bit as summer comes to a close."
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