Rates Drift Lower on Reports of Economic WeaknessLocation: McLean
The 15-year FRM this week
averaged 5.90 percent with an average 0.6 point, down from last week when
it averaged 5.93 percent. A year ago at this time, the 15-year FRM
averaged 6.15 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.97 percent this week, with an average 0.6 point, down from last week when it averaged 6.03 percent. A year ago, the 5-year ARM averaged 6.32 percent. One-year Treasury-indexed ARMs averaged 5.15 percent this week with an average 0.6 point, down from last week when it averaged 5.33 percent. At this time last year, the 1-year ARM averaged 5.74 percent. (Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.) “Mortgage rates eased a bit over the holiday-shortened week following release of economic data that suggest consumer spending may slow,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The economy grew at an upwardly revised 3.3 percent pace in the second quarter, boosted by the smallest trade deficit in eight years, and residential fixed investment slowed growth by 0.6 percent, the least amount since the same period a year ago. “However, personal income fell 0.7 percent in July, the first decline since August 2005 and will likely slow consumer spending in the third quarter.”
PRIMARY
MORTGAGE MARKET SURVEY RESULTS
30-YEAR FIXED RATE MORTGAGES
15-YEAR FIXED RATE MORTGAGES
5/1 ADJUSTABLE RATE MORTGAGES (ARMs)
Margin 2.75 2.73 2.75 2.78 2.77 2.75
1-YEAR ADJUSTABLE RATE MORTGAGES (ARMs)
Margin 2.74 2.71 2.75 2.75 2.80 2.75 THE NATIONAL MORTGAGE RATE SNAPSHOT
Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters. For additional information about Freddie Mac, visit: www.FreddieMac.com
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