Mortgage Rates Drift Upward in Freddie Mac's Weekly Primary Mortgage Market 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 6.30 percent with an average 0.4 point for the week ending February 15, 2007, up from last week when it averaged 6.28 percent. Last year at this time, the 30-year FRM averaged 6.28 percent. The 15-year FRM this week averaged 6.03 percent with an average 0.4 point, up slightly from last week when it averaged 6.02 percent. A year ago, the 15-year FRM averaged 5.91 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.01 percent this week, with an average 0.5 point, up from last week when it averaged 5.99 percent. A year ago, the 5-year ARM averaged 5.95 percent. One-year Treasury-indexed ARMs averaged 5.52 percent this week with an average 0.6 point, up from last week when it averaged 5.49 percent. At this time last year, the 1-year ARM averaged 5.36 percent. "Mortgage interest rates exhibited little change in the past week according to our weekly Primary Mortgage Market Survey, as there was little new information that would cause any great change," said Frank Nothaft, Freddie Mac vice president and chief economist. "For example, January's retail sales were virtually unchanged from December's level. Further, Fed Chairman Bernanke testified before the Senate committee and forecasted that the economy seemed likely to expand at a moderate pace this year and next with gradual easing in core inflation." "In the course of the coming week, January's housing starts, producer price index and consumer price index are all scheduled for release. These will be the first indicators of the housing market and inflation in early 2007, and we could see interest rates move in response." |
