30-year fixed-rate mortgage: Averaged 6.47 percent with an average 0.7 point for the week ending August 21, 2008, down from last week when it averaged 6.52 percent. Last year at this time, the 30-year FRM averaged 6.52 percent.
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.
Commentary: Mixed Economic and Housing News
Long-term mortgage rates drifted down following another volatile week stocks. The volitility of stocks and particulary the still dangerous situation banks are in, led investors to buy the relative safety of Treasuries. A lot of buying bids prices up and that lowers the yeild. The yield on 10-year constant-maturity Treasuries, which are roughly correlated with long-term fixed mortgage rates, dropped 11 basis points over the past 5 days.
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