Mortgage Rates Fall Again This Week But Its Too Soon To See A Trend
April 22, 2005
Lower Mortgage Rates Should Continue To Keep Housing Industry Vibrant
McLEAN, VA -- Freddie Mac (NYSE:FRE) released the results of its Primary Mortgage Market SurveySM (PMMSSM) in which the 30-year fixed-rate mortgage (FRM) averaged 5.80 percent, with an average 0.5 points, for the week ending April 21, 2005, down from last week when it averaged 5.91 percent. Last year at this time, the 30-year FRM averaged 5.94 percent.
The average for the 15-year FRM this week is 5.36 percent, with an average 0.5 points, down from last week when it averaged 5.46 percent. A year ago, the 15-year FRM averaged 5.25 percent.
Five-Year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.22 percent this week, with an average 0.6 points, down from 5.31 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 4.26 percent this week, with an average 0.6 point, down from last week when it averaged 4.30 percent. At this time last year, the one-year ARM averaged 3.69 percent.
“Interest rates in general have been oscillating with every piece of economic news released lately,” said Frank Nothaft, vice president and chief economist. “The market is switching its focus between the strength of the economy and the fear of inflation. Thus, although mortgage rates have dropped the last two weeks, that doesn’t necessarily indicate a trend.
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Source: Freddie Mac