McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.40 percent with an average 0.4 point for the week ending October 11, 2007, up from last week when it averaged 6.37 percent. Last year at this time, the 30-year FRM averaged 6.37 percent.
The 15-year FRM this week averaged 6.06 percent with an average 0.5 point, up from last week when it averaged 6.03 percent. A year ago, the 15-year FRM averaged 6.06 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.12 percent this week, with an average 0.5 point, up slightly from last week when it averaged 6.11 percent. A year ago, the 5-year ARM averaged 6.10 percent.
One-year Treasury-indexed ARMs averaged 5.73 percent this week with an average 0.6 point, down from last week when it averaged 5.58 percent. At this time last year, the 1-year ARM averaged 5.56 percent.
"Mortgage rates edged up this week following the release of the September employment figures," said Frank Nothaft, Freddie Mac vice president and chief economist. "The economy added 110,000 new jobs last month while July and August were revised upwards by a total of 188,000 jobs, reflecting greater strength in the economy during that time than initially indicated."
"Meanwhile, following the release of the September 18th minutes of the Fed’s Open Market Committee (FOMC) meeting, financial markets reassessed the likelihood of another rate cut at the upcoming October 31st meeting. The market currently is looking for about a 30 percent chance of a 25 basis point rate cut rather than the 50 percent chance that they had previously expected."
Labels: First Time Home Buyers, Home Buyers, Loans, Mortgage, Real Estate
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Brian Vanderhoff @ 9:10 AM
