Mortgage Rates Continue Their Trek Upward In Latest Freddie Mac Survey
April 1, 2005
McLean, VA – The results of Freddie Mac's (NYSE:FRE) Primary Mortgage Market Survey finds that 30-year fixed-rate mortgage (FRM) averaged 6.04 percent, wi th an average 0.7 points, for the week ending March 31, 2005, up from last week when it averaged 6.01 percent. Last year at this time, the 30-year FRM averaged 5.52 percent.
The average for the 15-year FRM this week is 5.58 percent, with an average 0.7 points, up from last week when it averaged 5.56 percent. A year ago, the 15-year FRM averaged 4.84 percent.
Five-Year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.43 percent this week, with an average 0.7 points, up from 5.35 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 4.33 percent this week, with an average 0.8 point, up from last week when it averaged 4.24 percent. At this time last year, the one-year ARM averaged 3.46 percent.
“Financial markets currently are very inflation sensitive, putting upward pressure on mortgage rates,” said Frank Nothaft, vice president and chief economist. “However, several economic indicators suggest that the economy isn’t overheating and that inflation is relatively contained.
“Looking ahead into the spring home buying season, we don’t expect mortgage rates to rise too much or too quickly in the near term. As a result, housing activity should stay on track for a strong 2005.”
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Source: Freddie Mac