Mortgage Rates Drift Very Slightly Higher This Week
McLEAN, VA -- 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 6.24 percent, with an average 0.6 point, for the week ending February 9, 2006, up from last week's average of 6.23 percent. Last year at this time, the 30-year FRM averaged 5.57 percent. The average for the 15-year FRM this week is 5.83 percent, with an average 0.6 point, up from last week's average of 5.81 percent. A year ago, the 15-year FRM averaged 5.10 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.89 percent this week, with an average 0.7 point, up from last week when it averaged 5.87 percent. A year ago, the five-year ARM averaged 4.99 percent. One-year Treasury-indexed ARMs averaged 5.34 percent this week, with an average 0.7 point, up from last week when it averaged 5.33 percent. At this time last year, the one-year ARM averaged 4.11 percent. "With no big economic news to influence the direction of mortgage rates this week, the numbers drifted very slightly upward," said Frank Nothaft, Freddie Mac vice president and chief economist. "We see this trend continuing throughout 2006, with the 30-year FRM ending the year at about 6.3 percent as the housing market eases back from last year's record setting levels toward a somewhat more normal rate of activity." |
