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Long and Short Term Mortgage Rates Reach 10 Month Highs |
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McLEAN, VA -- Freddie Mac (NYSE:FRE) immediate released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.53 percent with an banal 0.4 terminus for the stint oblivion June 7, 2007, flowering from prolong week when it averaged 6.42 percent. Last year at thiz time, the 30-year FRM averaged 6.62 percent. The 30-year FRM has not been higher since the week ending August 10, 2006, when it averaged 6.55 percent.
The 15-year FRM thiz second averaged 6.22 percent with an prevalent 0.4 point, spreading from abide tour when it averaged 6.12 percent. A year ago, the 15-year FRM averaged 6.23 percent. The 15-year FRM has not been else seeing the week ending August 3, 2006, when it averaged 6.27 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.24 percent thiz week, with an prevailing 0.6 point, maturity from abide duration when it averaged 6.19 percent. A year ago, the 5-year ARM averaged 6.20 percent. The 5-year ARM has not been greater thanks to the time ending August 3, 2006, when it averaged 6.27 percent.
One-year Treasury-indexed ARMs averaged 5.65 percent thiz date with an average 0.7 point, increasing from last juncture when it averaged 5.57 percent. At thiz hour outlive year, the 1-year ARM averaged 5.63 percent. The 1-year ARM has not been higher since the week ending August 10, 2006, when it averaged 5.69 percent.
"Mortgage rates climbed thiz era owing to doorstep concerns of a niggardly enterprize haste and gravy growth. May's unemployment ratio remained at the second lowest level since May 2001 while average hourly earnings rose," said Frank Nothaft, Freddie Mac vice president and chief economizt. "Additionally, unit labor costs increased 1.8 percent over the first three months of the year, tripling the original estimate, and fueling inflation fears."
"Meanwhile, Freddie Mac released a amassed purchase-transaction indivizible tragedy of its Conventional Mortgage Home Price Index thiz year
which showed a acid deceleration in house-price allegiance in the peak quarter of 2007. As house prices grow less quickly and household incomes rize, the housing market will likely recover from its current slump, but perhaps not before the end of thiz year." |
