The 15-year fixed-rate mortgage: Averaged 6.00 percent with an average 0.7 point, down from last week when it averaged 6.07 percent. A year ago at this time, the 15-year FRM averaged 6.18 percent.
Five-year Treasury-indexed ARMs: Averaged 5.99 percent this week, with an average 0.6 point, down from last week when it averaged 6.02 percent. A year ago, the 5-year ARM averaged 6.34 percent.
One-year Treasury-indexed ARMs: Averaged 5.29 percent this week with an average 0.5 point, up from last week when it averaged 5.18 percent. At this time last year, the 1-year ARM averaged 5.60 percent.
Frank Nothaft, Freddie Mac vice president and chief economist: "Even with the current historically affordable mortgage rates, news continues to show signs of weakening in the housing sector,"
Next week will be telling when house price indices from S&P/Case-Shiller, OFHEO and Freddie Mac will be released. especially interesting will be whether the descent of home prices will begin to slow or not.
I like to watch the the S&P/Case-Shiller index, because it will track homes sold and then resold. This index measures price change by tracking a home that has sold and then sold again. most of the indexes do not track price change from one sale to the next, making this one valuable index.
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