June 16, 2011

Freddie Mac Weekly Update: Mortgage Rates Mixed; 30-Year Fixed Ticks Up to 4.50 Percent

30-year fixed-rate mortgage:averaged 4.50 percent with an average 0.7 point for the week ending June 16, 2011, up from last week when it averaged 4.49 percent. Last year at this time, the 30-year FRM averaged 4.75 percent.  

The 15-year fixed-rate mortgage: t his week averaged 3.67 percent with an average 0.7 point, down from last week when it averaged 3.68 percent. A year ago at this time, the 15-year FRM averaged 4.20 percent.     

Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.27 percent this week, with an average 0.6 point, down from last week when it averaged 3.28 percent. A year ago, the 5-year ARM averaged 3.89 percent.

One-year Treasury-indexed ARMs: averaged 2.97 percent this week with an average 0.5 point, up from last week when it averaged 2.95 percent. At this time last year, the 1-year ARM averaged 3.82 percent.  

Freddie Sayz

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
Mortgage rates were little changed this week as financial market participants shrugged off the recent inflation reports. The  core producer price index  rose just 0.2 percent in May while the  core consumer price index  increased 0.3 percent, both near the market consensus forecast.
Much of the run down in home mortgage debt so far has been through second mortgages, according to the  Federal Reserve Board. Household mortgage balances fell by more than $930 billion between the peak set at the end of March 2008 and March of this year, of which, second mortgages accounted for $820 billion of the decline

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