Freddie Mac Survey Finds Mortgage Rates Mixed This Week
May 12, 2006
Rates Relatively Unaffected By Recent Fed Moves
McLean, VA – Freddie Mac (NYSE:FRE) Primary Mortgage Market SurveySM (PMMSSM) revealed that the 30-year fixed-rate mortgage (FRM) averaged 6.58 percent, with an average 0.5 point, for the week ending May 11, 2006, down from last week's average of 6.59 percent. Last year at this time, the 30-year FRM averaged 5.77 percent.
The average for the 15-year FRM this week is 6.17 percent, with an average 0.5 point, down from last week’s average of 6.22 percent. A year ago, the 15-year FRM averaged 5.33 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.22 percent this week, with an average 0.5 point, up from last week when it averaged 6.21 percent. A year ago, the five-year ARM averaged 5.21 percent.
One-year Treasury-indexed ARMs averaged 5.62 percent this week, with an average 0.7 point, down from last week when it averaged 5.67 percent. At this time last year, the one-year ARM averaged 4.23 percent.
"Less-than-expected job growth in April helped mortgage rates to level off this week. Even ARM rates were little affected by the Federal Reserve's increase in the federal funds rate," said Frank Nothaft, Freddie Mac vice president and chief economist. "However, next week's release of the April Consumer and Producer Price Indexes may lift mortgage rates higher if the figures show an acceleration in inflation."
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Source: Freddie Mac