US Mortgage Rates Experience Little MovementLocation: McLean
The 15-year FRM this week averaged 5.60 percent with
an average 0.3 point, up very slightly from last week when it averaged
5.59 percent. A year ago at this time, the 15-year FRM averaged 5.92
percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.67 percent this week, with an average 0.5 point, downfrom last week when it averaged 5.73 percent. A year ago, the 5-year ARM averaged 5.92 percent. One-year Treasury-indexed ARMs averaged 5.29 percent this week with an average 0.6 point, unchanged from the last two weeks when it was 5.29 percent. At this time last year, the 1-year ARM 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.) “Despite a weak housing market, mortgage rates remained almost unchanged this week based on better-than-expected economic data releases that indicated the economy still has some staying power,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Job losses lessened in April and conditions in both the manufacturing and service industry outperformed market forecasts. Worker productivity also rose in the first quarter as increases in labor costs diminished. “The housing market is still struggling amid falling house prices and stricter lending standards. Coupled with higher delinquency and foreclosure rates, a smaller share of families own their homes this year. The national homeownership rate held at 67.8 percent in the first quarter of 2008, down from its recent peak of 69.0 percent in the third quarter of 2006 and was the lowest rate since 67.6 percent in the second quarter of 2002, according to the Census Bureau.”
PRIMARY MORTGAGE MARKET SURVEY RESULTS 30-YEAR FIXED RATE MORTGAGES
15-YEAR FIXED RATE MORTGAGES
5/1 ADJUSTABLE RATE MORTGAGES (ARMs)
Margin 2.76 2.77 2.76 2.76 2.77 2.74 1-YEAR ADJUSTABLE RATE MORTGAGES (ARMs)
Margin 2.73 2.73 2.75 2.75 2.83 2.70 THE NATIONAL MORTGAGE RATE SNAPSHOT
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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