June 23, 2011 (Shirley Allen)
Mortgage interest rates again remained virtually unchanged from last week with the 30 year fixed rate at 4.50 percent and the 15 year fixed rate nudging up to 3.69 percent according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS).
Fixed Rate Mortgages (FRM):
Thirty year and the 15 year FRMs again barely budged from the previous week with the 30 year FRM remaining unchanged at an average of 4.50 percent with an average 0.8 points, however, the effective rate was higher as last weeks rate was based on 0.7 points. Rates were down from 4.69 percent a year earlier.
The 15 year FRM averaged 3.69 this week with an average 0.7 points, up from an average of 3.67 last week and down from 4.13 percent a year ago.
Adjustable Rate Mortgages (ARM):
ARMs were also again mixed and barely moved in the last week as the 5-year Treasury-indexed hybrid ARM slid to 3.25 percent, which is down from 3.27 percent the previous week, with an average of 0.6 points. The 5 year ARM averaged 3.84 percent a year earlier.
The 1-year Treasury-indexed ARM increased this week to 2.99 percent, with an average of 0.5 points, from 2.97 percent the previous week. A year ago, the 1 year ARM averaged 3.77 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Mortgage rates were virtually unchanged this week amid further indications of a soft housing market. Although new construction on single-family homes ticked up in May from April, it was still below the overall pace set in 2010. Moreover, existing home sales fell 3.8 percent in May to the fewest since November 2010.”
“The Federal Reserve also reiterated that the housing sector continues to be depressed in its June 22nd policy committee statement. The S&P/Case-Shiller® National Home Price Index fell 2.1 percent between the fourth quarter of 2010 and first quarter 2011. Based on a recent survey by MarcoMarkets of 108 professional forecasters taken in early June, the index is predicted to decline another 1.5 percent by the fourth quarter of this year,” Nothaft added.
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.8||0.7||0.9||0.7||0.7||0.8|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||1.0||0.6||0.7||0.8|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.5||0.8||0.4||0.5||0.6|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.5||0.5||0.5||0.3||0.8||0.5|
|The National Mortgage Rate Snapshot||One Year Ago||One Week Ago|
|30-YR||15-YR||5/1-YR||1-YR ARM||30-YR||15-YR||5/1-YR||1-YR ARM|
|Fees & Points||0.7||0.6||0.7||0.7||0.7||0.7||0.6||0.5|
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury