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 6.62 percent with an average 0.4 point for the week ending August 16, 2007, up from last week when it averaged 6.59. Last year at this time, the 30-year FRM averaged 6.52 percent.
The 15-year FRM this week averaged 6.30 percent with an average 0.5 point, up from last week when it averaged 6.25 percent. A year ago, the 15-year FRM averaged 6.20 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.35 percent this week, with an average 0.5 point, up from last week when it averaged 6.33 percent. A year ago, the 5-year ARM averaged 6.18 percent.
One-year Treasury-indexed ARMs averaged 5.67 percent this week with an average 0.6 point, up from last week when it averaged 5.65 percent. At this time last year, the 1-year ARM averaged 5.65 percent.
"Interest rates on prime conforming fixed-rate mortgages ticked up a little in the past week, in line with 10-year Treasury rates movements and retracing part of last week's decline," said Frank Nothaft, Freddie Mac vice president and chief economist. "Problems in the non-prime mortgage market where funds are expensive and hard-to-get have not affected the prime conforming market."
"This week's data releases included the Producer Price Index and Consumer Price Index for July. Core inflation at the wholesale level increased 0.1 percent in July, or 2.3 percent year-over-year, below market expectations, while core inflation at the retail level grew by 0.2 percent, or 2.2 percent year-over-year, in line with what had been expected."