US Mortgage Rates Continue to Drop
Location: McLean
Author:
Eileen Fitzpatrick
Date: Friday, September 14, 2007
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.17 percent this week, with an average 0.6 point, down from last week when it averaged 6.32 percent. A year ago, the 5-year ARM averaged 6.10 percent.
One-year Treasury-indexed ARMs averaged 5.66 percent this week with an average 0.8 point, down from last week when it averaged 5.74 percent. At this time last year, the 1-year ARM averaged 5.60 percent. (Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
“Interest rates on prime conforming loans fell across the board in the past week, with rates on 30-year fixed mortgages averaging 0.15 percentage points below the previous week’s level,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The drop in mortgage rates may give some relief to borrowers who are looking to refinance or purchase a home.
“As a matter of fact, all the mortgage products I Freddie Mac’s survey this week were lower than they were at the same time last year.”
|
Freddie Mac Region |
PMMS Weights |
|
Northeast |
24.5 |
|
Southeast |
18.6 |
|
North Central |
15.4 |
|
Southwest |
10.4 |
|
West |
31.0 |
PRIMARY MORTGAGE MARKET SURVEY RESULTS
30-YEAR FIXED RATE MORTGAGES
|
|
||||||
|
US |
NE |
SE |
NC |
SW |
W |
|
| AVERAGE |
6.31 |
6.39 |
6.26 |
6.33 |
6.32 |
6.27 |
| Fees & Points |
0.5 |
0.2 |
0.6 |
0.3 |
0.5 |
0.6 |
15-YEAR FIXED RATE MORTGAGES
|
|
||||||
|
US |
NE |
SE |
NC |
SW |
W |
|
| AVERAGE |
5.97 |
6.04 |
5.93 |
6.01 |
5.99 |
5.91 |
| Fees & Points |
0.4 |
0.2 |
0.6 |
0.3 |
0.5 |
0.6 |
5/1 ADJUSTABLE RATE MORTGAGES (ARMs)
|
|
||||||
|
US |
NE |
SE |
NC |
SW |
W |
|
| AVERAGE |
6.17 |
6.17 |
6.16 |
6.29 |
6.17 |
6.11 |
| Fees & Points |
0.6 |
0.5 |
0.7 |
0.5 |
0.6 |
0.6 |
Margin 2.76 2.76 2.76 2.77 2.78 2.74
1-YEAR ADJUSTABLE RATE MORTGAGES (ARMs)
|
|
||||||
|
US |
NE |
SE |
NC |
SW |
W |
|
| AVERAGE |
5.66 |
5.82 |
5.76 |
5.79 |
5.69 |
5.41 |
| Fees & Points |
0.8 |
0.8 |
0.8 |
0.7 |
0.6 |
0.8 |
Margin 2.76 2.76 2.76 2.76 2.83 2.74
THE NATIONAL MORTGAGE RATE SNAPSHOT
|
|
||||
|
|
One Year Ago | |||
|
|
30-YR FRM |
15-YR FRM |
5/1 ARM |
1-YR ARM |
| AVERAGE |
6.43 |
6.11 |
6.10 |
5.60 |
| Fees & Points |
0.5 |
0.4 |
0.6 |
0.7 |
|
|
||||
|
|
One Week Ago | |||
|
|
30-YR FRM |
15-YR FRM |
5/1 ARM |
1-YR ARM |
| AVERAGE |
6.46 |
6.15 |
6.32 |
5.74 |
| Fees & Points |
0.5 |
0.5 |
0.6 |
0.6 |
Freddie Mac's Primary Mortgage Market Survey (PMMS) is for informational purposes only and Freddie Mac is not responsible for business decisions made based on the reported results of the PMMS. Freddie Mac may change the methodology used to conduct the PMMS survey at any time and without notice.
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