30-year fixed-rate mortgage: Averaged 6.52 percent with an average 0.7 point for the week ending August 14, 2008, unchanged from last week when it averaged 6.52 percent. Last year at this time, the 30-year FRM averaged 6.62 percent. The
15-year fixed-rate mortgage: Averaged 6.07 percent with an average 0.7 point, down from last week when it averaged 6.10 percent. A year ago at this time, the 15-year FRM averaged 6.30 percent. Five-year Treasury-indexed ARM: Averaged 6.02 percent this week, with an average 0.6 point, down from last week when it averaged 6.05 percent. A year ago, the 5-year ARM averaged 6.35 percent.
One-year Treasury-indexed ARMs: Averaged 5.18 percent this week with an average 0.5 point, down from last week when it averaged 5.22 percent. At this time last year, the 1-year ARM averaged 5.67 percent.
Commentary: Mixed Economic and Housing News
Rates hardly moved because of conflicting economic data. Although the housing markets looked a little better, it became clear that lending standards had tightened again. On the inflation front things fared less evenly. Inflation reached a 17-year high in the United States last month. Consumer prices were 5.6 percent higher last month than they were in July 2007.
All in all, the housing crises is at it was. Other than the recently passed bill to provide some tax credit relief for new buyers, we continue to suffer an unfoldig crises. Merril and JP Morgon have reported more losses and the beat goes on. Until the lenders have completely purged their balance sheets of bad debt the housing markets cannot begin to recoover....the lenders must be the first to become whole.
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