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Monday, December 04, 2006

Rates Fall For Fifth Consecutive Week

McLEAN, VA -- Freddie Mac released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 6.14 percent with an average 0.4 point for the week ending November 30, 2006, down from last week when it averaged 6.18 percent. Last year at this time, the 30-year FRM averaged 6.26 percent. This is the lowest the 30-year FRM has been since the week ending January 26, 2006, when it averaged 6.12 percent.
The 15-year FRM this week averaged 5.87 percent with an average 0.4 point, down from last week when it averaged 5.91 percent. A year ago, the 15-year FRM averaged 5.81 percent. This is the lowest the 15-year FRM has been since the week ending February 2, 2006 when it averaged 5.81 percent
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.95 percent this week, with an average 0.5 point, down from last week when it averaged 5.99 percent. A year ago, the five-year ARM averaged 5.76 percent. This is the lowest the 5-year ARM has been since the week ending March 16, 2006, when it averaged 5.93 percent.
One-year Treasury-indexed ARMs averaged 5.46 percent this week with an average 0.5 point, down from last week when it averaged 5.49 percent. At this time last year, the one-year ARM averaged 5.16 percent.
“Mortgage rates drifted lower this week, bringing long-term rates to levels below those of this time last year,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Mortgage applications for home purchase in November have remained healthy, due largely because of the drop in mortgage rates and a softening in home prices in some areas.”
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