ARMs Up in Anticipation of Fed Actions
The Fed has met and interest rates remain unchanged. In spite of the continuing housing crises, the Fed now seems to be focusing on the cost of oil and some serious inflation coming our way. Monsanto and Dow Chemical have just raised their prices to farmers by 25%. Looks like stagflation, a difficult balance to strike.
15-year fixed-rate mortgage: Averaged 6.04 percent with an average 0.6 point. A year ago at this time, the 15-year FRM averaged 6.34 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 ARMs: Averaged 5.70 percent this week, with an average 0.7 point. A year ago, the 5-year ARM averaged 6.37 percent.
One-year Treasury-indexed ARMs: Averaged 5.27 percent this week with an average 0.6 point. At this time last year, the 1-year ARM averaged 5.65 percent. The last time the one-year ARM was higher was the week ending May 8, 2008, when it averaged 5.29 percent.
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