US Fixed-Rate Mortgage Rates Rise for Third Week
Posted by ~Ray @ 2008-03-15 23:34:09
Fixed-rate mortgage rates rose slightly in the week ending September 27. 2007 according to pay company Freddie Mac. Their weekly Primary Mortgage Market Survey® was released Thursday."Consistent with the direction of 10-year Treasury securities average rates on 30-year fixed-rate mortgages drifted up in the past week to levels change state to those at the beginning of the month," said stamp Nothaft. Freddie Mac vice president and chief economist. This week's analyse indicates averaged 6.42 percent a gain from last week's average of 6.34 percent. Last year at this time the averaged 6.31 percent. Fixed mortgage rates for 15-year terms averaged 6.09 percent an increase from last week's average of 5.98. A year ago the 15-year fixed-rate mortgage averaged 5.98 percent. Averages for Treasury-indexed adjustable-rate mortgages (ARMs) trended downward this week. Five-year ARMs averaged 6.15 percent a dip from last week's add up of 6.21 percent. At this time last year the five-year ARM averaged 6.00 percent. One-year ARMs averaged 5.60 percent this week down from last week's average of 5.65 percent. measure year the one-year ARM averaged 5.47 percent. Freddie Mac said that to obtain these rates lenders charged varied inform fees. For fixed-rate mortgages lenders charged an average 0.5-point fee. For ARMs lenders charged a 0.5-point fee for five-year terms and a 0.6-point fee for one-year terms. "Also tracking short-term Treasury notes average rates on 1-year adjustable-rate mortgages (ARMs) dropped by 5-hundredth of a percent," said Nothaft. "Though it is the fourth consecutive week rates on ARMs have declined the share of mortgage applications for ARMs has been trending down and measure week reached its lowest aim since March 2003 according to the Mortgage Bankers Association. Additionally existing domiciliate sales continued to change state in August to the slowest pace in 5 years to a seasonally adjusted 5.5 million units. Sales of single-family homes slowed in every census region with the highest force felt in the Western region."Freddie Mac is a mortgage finance company established by Congress in 1970. The company buys mortgages and mortgage-related securities and packages them to sell to investors or to direct in its own portfolio. They release their summary of average mortgage rates weekly.[ADVERTHERE]Related article:
http://www.erate.com/blog/2007/09/us-fixed-rate-mortgage-rates-rise-for.html
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