Mortgage Rates Up – On Stronger Inflation

by Elizabeth Cooper-Golden

in Huntsville Real Estate News

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 6.42 percent with an average 0.7 point for the week ending June 19, 2008, up from last week when it averaged 6.32 percent. Last year at this time, the 30-year FRM averaged 6.69 percent. The last time the 30-year FRM was this high was the week ending September 27, 2007, when it averaged 6.42 percent.

The 15-year FRM this week averaged 6.02 percent with an average 0.7 point, up from last week when it averaged 5.93 percent. A year ago at this time, the 15-year FRM averaged 6.37 percent. The last time the 15-year FRM was higher was the week ending October 18, 2007, when it averaged 6.08 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.89 percent this week, with an average 0.6 point, up from last week when it averaged 5.70 percent. A year ago, the 5-year ARM averaged 6.31 percent. This is the highest the 5-year ARM has been since the week ending December 27, 2007, when it averaged 5.90 percent.

One-year Treasury-indexed ARMs averaged 5.19 percent this week with an average 0.6 point, up from last week when it was 5.09 percent. At this time last year, the 1-year ARM averaged 5.66 percent.

SUMMARY OF SURVEY RESULTS

Fixed-Rate Mortgages
  Average Conventional 30-Year Rate Fees & Points Average Conventional 15-Year Rate Fees & Points
US 6.42 0.7 6.02 0.7
Northeast 6.47 0.6 6.06 0.6
Southeast 6.37 0.9 5.99 0.8
N. Central 6.50 0.6 6.10 0.5
Southwest 6.40 0.8 6.00 0.8
West 6.41 0.8 6.01 0.8
5/1-Year Adjustable-Rate Mortgages
  First Commitment Rate Fees & Points Margin
US 5.89 0.6 2.76
Northeast 5.85 0.6 2.76
Southeast 5.85 0.7 2.76
N. Central 6.08 0.5 2.76
Southwest 5.92 0.7 2.76
West 5.86 0.6 2.77
One-Year Adjustable-Rate Mortgages
  First Commitment Rate Fees & Points Margin
US 5.19 0.6 2.76
Northeast 5.28 0.4 2.75
Southeast 5.34 0.7 2.75
N. Central 4.88 0.6 2.75
Southwest 5.38 0.6 2.81
West 5.11 0.7 2.78


   

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The data relating to Huntsville AL Real Estate on this Web site derive in part from the Valley MLS IDX datashare program. © 2016 Valley MLS, Inc. All information provided is deemed reliable but is not guaranteed and should be independently verified.

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