Long and Short Term Mortgage Rates Take Back Advances of Last Week
Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market SurveySM (PMMSSM) in which the 30-year fixed-rate mortgage (FRM) averaged 5.57 percent, with an average 0.6 point, for the week ending June 23, 2005, down from last week when it averaged 5.63 percent. Last year at this time, the 30-year FRM averaged 6.25 percent. The average for the 15-year FRM this week is 5.16 percent, with an average 0.6 point, down from last week when it averaged 5.22 percent. A year ago, the 15-year FRM averaged 5.64 percent. Five-Year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.05 percent this week, with an average 0.6 point, also down from last week when it averaged 5.10 percent. 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 4.23 percent this week, with an average 0.7 point, down slightly from last week when it averaged 4.25 percent. At this time last year, the one-year ARM averaged 4.13 percent. "Existing home sales in May were at the second highest level ever recorded, suggesting the housing market still has a good head of steam," said Frank Nothaft, Freddie Mac vice president and chief economist. "As a matter of fact, mortgage rates, which are fueling the vibrant housing market, are even lower in June than they were in May." "Given that mortgage rates aren’t expected to move to much in either direction any time soon, we fully expect the housing market will continue to thrive well into the foreseeable future." |
