Mortgage Rates Flat on Lack of Economic News That Would Encourage Change
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 6.14 percent with an average 0.4 point for the week ending March 15, 2007, unchanged from last week when it averaged 6.14 percent. Last year at this time, the 30-year FRM averaged 6.34 percent. The 15-year FRM this week averaged 5.88 percent with an average 0.4 point, up from last week when it averaged 5.86 percent. A year ago, the 15-year FRM averaged 5.98 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.90 percent this week, with an average 0.6 point, unchanged from last week when it averaged 5.90 percent. A year ago, the 5-year ARM averaged 5.93 percent. One-year Treasury-indexed ARMs averaged 5.42 percent this week with an average 0.7 point, down from last week when it averaged 5.47 percent. At this time last year, the 1-year ARM averaged 5.37 percent. "Mortgage rates moved little in the past week, as the latest economic news gave no reason for change,” said Frank Nothaft, Freddie Mac vice president and chief economist. "The economy added 97,000 jobs in February, in line with consensus expectations, while the unemployment rate dipped to 4.5 percent. But the promising employment situation did not materialize at the cash registers, with retail sales only growing by 0.1 percent in February, falling short of the 0.3 percent gain that had been predicted." "Over the course of next week, February's inflation measures at the wholesale and retail levels will be published and could serve as the driving force behind further rate movement." |
