Little Movement in Mortgage Rates This Week, According to Freddie Mac Survey
McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.16 percent with an average 0.4 point for the week ending March 22, 2007, up from last week when it averaged 6.14 percent. Last year at this time, the 30-year FRM averaged 6.32 percent. The 15-year FRM this week averaged 5.90 percent with an average 0.4 point, up from last week when it averaged 5.88 percent. A year ago, the 15-year FRM averaged 5.97 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.91 percent this week, with an average 0.6 point, up slightly from last week when it averaged 5.90 percent. A year ago, the 5-year ARM averaged 5.96 percent. One-year Treasury-indexed ARMs averaged 5.40 percent this week with an average 0.7 point, down from last week when it averaged 5.42 percent. At this time last year, the 1-year ARM averaged 5.41 percent. "Mortgage rates were stable this week as the bond market took readings on producer prices and consumer prices in stride," said Frank Nothaft, Freddie Mac vice president and chief economist. "Excluding food and energy, core inflation at the wholesale level was up more than had been anticipated in February, but at the retail level the increase was in line with expectations. Weighing the relevant factors, The Fed decided to leave the target federal funds rate unchanged at 5.25 percent." "Looking at the housing market, construction of new homes picked up in February after falling to a ten-year low in January. The improvement was better than consensus forecasts. Next week’s release of February’s new and existing home sales will provide further insight into the health of the housing sector." |
