Long Term Mortgage Rates At Seven-month High According To Freddie Mac’s Primary Mortgage Market Survey
March 18, 2005
Five Year ARM Rises As One Year ARM Slips
McLean, VA – Freddie Mac (NYSE:FRE) released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 5.95 percent, with an average 0.7 points, for the week ending March 17, 2005, up from last week when it averaged 5.85 percent. Last year at this time, the 30-year FRM averaged 5.38 percent.
The average for the 15-year FRM this week is 5.47 percent, with an average 0.7 points, up from last week when it averaged 5.38 percent. A year ago, the 15-year FRM averaged 4.69 percent.
Five-Year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.31 percent this week, with an average 0.7 points, up from 5.22 last week. 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 adjustable-rate mortgages (ARMs) averaged 4.20 percent this week, with an average 0.8 point, down from last week when it averaged 4.24 percent. At this time last year, the one-year ARM averaged 3.39 percent.
“The 30-year mortgage rate in February was uncommonly low and the weather tame across much of the country. That combination pushed housing starts in February to a 21-year high,” said Amy Crews Cutts, Freddie Mac deputy chief economist. “But we will probably see some moderation in the housing sector as mortgage rates slowly rise in coming months.
“Meanwhile, oil prices hit a record high while inventory of gasoline and heating oil was lower than expected. This raises the fear of inflation, which kept continued upward pressure on interest rates and helped fuel the rise in mortgage rates for the fifth continuous week.”
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Source: Freddie Mac
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