Long-Term Rates Follow As Short-Term Rates Rise
30-year fixed-rate mortgage: Averaged 5.47 percent with an average 0.7 point for the week ending December 11, 2008, down from last week when it averaged 5.53 percent. Last year at this time, the 30-year FRM averaged 6.11 percent. The 30-year FRM has not been lower since March 25, 2004, when it averaged 5.40 percent.
The 15-year fixed-rate mortgage: Averaged 5.20 percent with an average 0.7 point, down from last week when it averaged 5.33 percent. A year ago at this time, the 15-year FRM averaged 5.78 percent. The 15-year FRM has not been since February 7, 2008, when it averaged 5.15 percent.
Five-year Treasury-indexed ARMs: Averaged 5.82 percent this week, with an average 0.6 point, up from last week when it averaged 5.77 percent. A year ago, the 5-year ARM averaged 5.89 percent.
One-year Treasury-indexed ARMs: Averaged 5.09 percent this week with an average 0.4 point, up from last week when it averaged 5.02 percent. At this time last year, the 1-year ARM averaged 5.50 percent
From the Freddie Mac Site
Following the release of the November employment report, which showed the largest monthly decline in jobs since December 1974, bond yields fell slightly this week allowing fixed-rate mortgage rates room to ease back a little further," said Frank Nothaft, Freddie Mac vice president and chief economist.
The housing market still hangs in the balance, however," continued Nothaft. On a year-over-year basis, after rising in both August and September, pending existing home sales fell 1.0 percent in October, based on figures from the National Association of Realtors®. Meanwhile, conventional mortgage applications for home purchases over the week ending December 5th were up 2.0 percent from four weeks prior, but were still 51 percent below the same period last year, according to the Mortgage Bankers Association.
The housing market still hangs in the balance, however," continued Nothaft. On a year-over-year basis, after rising in both August and September, pending existing home sales fell 1.0 percent in October, based on figures from the National Association of Realtors®. Meanwhile, conventional mortgage applications for home purchases over the week ending December 5th were up 2.0 percent from four weeks prior, but were still 51 percent below the same period last year, according to the Mortgage Bankers Association.
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