The 15-year fixed-rate mortgage: Averaged 5.78 percent with an average 0.6 point, down from last week when it averaged 5.91 percent. A year ago at this time, the 15-year FRM averaged 6.38 percent.
Five-year Treasury-indexed ARMs: Averaged 5.80 percent this week, with an average 0.6 point, down from last week when it averaged 5.82 percent. A year ago, the 5-year ARM averaged 6.35 percent.
One-year Treasury-indexed ARMs: Averaged 5.10 percent this week with an average 0.6 point, down from last week when it averaged 5.17 percent. At this time last year, the 1-year ARM averaged 5.72 percent.
In spite of these short term moves I think that the cost of oil and how it ripples through the economy reflected in food and transportation will cause a rise in interest rates. The Fed does feel the pain of another 3 million homes about to face foreclosure, but it sees inflation as the greater long term harm. Besides, bailing out consumers who make greedy or bad deals is against our economic culture…..unless you are a big bank
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