Monday, April 03, 2006

Mortgage Rates Edge Up This Week In Response to Fed Actions

Freddie Mac (NYSE:FRE), Friday, released the results of its Primary Mortgage Market SurveySM (PMMSSM) in which the 30-year fixed-rate mortgage (FRM) averaged 6.35 percent, with an average 0.5 point, for the week ending March 30, 2006, up from last week’s average of 6.32 percent. Last year at this time, the 30-year FRM averaged 6.04 percent. The average for the 15-year FRM this week is 6.00 percent, with an average 0.5 point, up from last week’s average of 5.97 percent. A year ago, the 15-year FRM averaged 5.58 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.02 percent this week, with an average 0.6 point, up from last week when it averaged 5.96 percent. A year ago, the five-year ARM averaged 5.43 percent. One-year Treasury-indexed ARMs averaged 5.51 percent this week, with an average 0.8 point, up from last week when it averaged 5.41 percent. At this time last year, the one-year ARM averaged 4.33 percent.

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2 Comments:

At 1:25 PM, Blogger va beyatch said...

This is good news for future homebuyers, correct? As someone who missed out on the mania, and would much rather pay a low price with a high interest rate versus the opposite. With a low price taxes are lower, and it's easier to pay off the loan. Plus there is more money to be made investing elsewhere.

How long does it take for higher interest rates to have an effect on home prices? Are sellers cracking yet, or do they still feel entitled to huge profits?

 
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