Mortgage Rates Show Mixed Results This Week
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 6.73 percent with an average 0.4 point for the week ending July 19, 2007, unchanged from last week. Last year at this time, the 30-year FRM averaged 6.80 percent. The 15-year FRM this week averaged 6.38 percent with an average 0.4 point, down from last week when it averaged 6.39 percent. A year ago, the 15-year FRM averaged 6.41 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.35 percent this week, with an average 0.5 point, unchanged from last week. A year ago, the 5-year ARM averaged 6.36 percent. One-year Treasury-indexed ARMs averaged 5.72 percent this week with an average 0.5 point, up from last week when it averaged 5.71 percent. At this time last year, the 1-year ARM averaged 5.80 percent. "In a week marked by stock indexes reaching new highs on Wall Street, mortgage rates lingered near the previous week's level as the latest economic indicators did not affect inflation expectations significantly," said Frank Nothaft, Freddie Mac vice president and chief economist. "June's core producer price index inched up higher than market expectations, pushing the year-over-year growth rate to 1.8 percent, while the core consumer price index held steady at a 2.2 percent annual growth rate." "The most recent statistics suggest that the housing market has yet to reach a trough. Although June's housing starts unexpectedly rose to 1.47 million units, construction of one-unit houses still saw a decline of 0.2 percent: At 1.15 million units, it was the slowest pace since January. Building permits fell by 7.5 percent last month to the lowest level since June 1997." |
