July 28, 2011 (Shirley Allen)
Treasury yields bounced back this week, but remained under three percent, and weak housing and economic data left mortgage rates virtually unchanged from the previous week according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS).
Fixed Rate Mortgages (FRM):
Thirty year and the 15 year FRMs languished at the same general levels they did last week with the 30 year FRM averaging 4.55 percent with an average of 0.8 points, up from 4.52 percent reported the previous week. The 30 year FRM averaged 4.54 percent a year earlier.
The 15 year FRM averaged 3.66 percent this week with an average 0.7 points, the same rate reported the previous week, and down from 4.00 percent a year ago.
Adjustable Rate Mortgages (ARM):
ARM interest rates both dropped two basis points in the last week as the 5-year Treasury-indexed hybrid ARM averaged 3.25 percent, with an average of 0.6 points, which was down from 3.27 percent the previous week. The 5 year ARM averaged 3.76 percent a year earlier.
The 1-year Treasury-indexed ARM averaged 2.95 percent this week with an average of 0.5 points, down from 2.97 percent the previous week. A year ago, the 1 year ARM averaged 3.70 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Macroeconomic data released this week were a mixed bag. On the positive side, the index of leading indicators in June rose for the second consecutive month, beating the market consensus forecast. Partly offsetting this, orders for durable goods were weaker than market expectations for the same month. The net effect on mortgage interest rates was very little change from the prior week.”
“Seasonal home buying is beginning to prop up house price indexes across the nation. For instance, the S&P/Case-Shiller® 20-City Composite index (not seasonally-adjusted) rose for the second consecutive month in May to the highest reading since January. In addition, 17 of the 20 cities exhibited increases, led by a 2.7 percent monthly gain in Boston and a 2.6 percent rise in Minneapolis. Compared to a year ago, though, values were lower in 19 of the 20 markets as of May; bucking the trend elsewhere, the Washington, DC metro area posted a 1.3 percent gain in prices over the past year,” he added.
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.8||0.7||0.8||0.6||0.7||0.8|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.8||0.6||0.6||0.8|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.5||0.8||0.3||0.6||0.7|
|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||0.7||0.7||0.7||0.7||0.7||0.5||0.5|
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury