US Mortgage Rates Remain Flat Amidst Mixed Economic Signals

The 15-year FRM this week averaged 5.88 percent with an average 0.4 point, down from last week when it averaged 5.90 percent.  A year ago, the 15-year FRM averaged 5.94 percent.  The 15-year FRM has not been lower since the week ending May 10, 2007, when it averaged 5.87 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.96 percent this week, with an average 0.4 point, up from last week when it averaged 5.89 percent.  A year ago, the 5-year ARM averaged 6.04 percent. 

One-year Treasury-indexed ARMs averaged 5.50 percent this week with an average 0.5 point, unchanged from last week.  At this time last year, the 1-year ARM averaged 5.53 percent.  The 1-year ARM has not been this low since the week ending May 17, 2007, when it averaged 5.48 percent. (Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)

“Higher productivity growth in the third quarter coupled with a larger-than-expected decline in consumer confidence in November sent mixed signals to the current state of the economy,” said Frank Nothaft, Freddie Mac vice president and chief economist.  “As a result, there were no definite upward or downward pressures on mortgage rates this week.

“On a positive note, the National Association of Realtors reported this week an unexpected 0.2 percent gain in September’s pending home sales index, which suggests less of a decline in existing home sales for October and November.  That said, however, it should be noted the index is still 24 percent below that in December 2006.”

 

Freddie Mac Region	PMMS Weights
Northeast	23.9
Southeast	20.4
North Central	14.3
Southwest	11.0
West	30.3

PRIMARY MORTGAGE MARKET SURVEY RESULTS