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Mortgage Rates Dip in Freddie Mac Weekly Survey

Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage

McLean, VA - Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey^SM (PMMS^SM) in which the 30-year fixed-rate mortgage (FRM) averaged 6.34 percent, with an average 0.7 point, for the week ending March 16, 2006, down from last week's average of 6.37 percent. Last year at this time, the 30-year FRM averaged 5.95 percent.

The average for the 15-year FRM this week is 5.98 percent, with an average 0.7 point, down from last week's average of 6.00 percent. A year ago, the 15-year FRM averaged 5.47 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.93 percent this week, with an average 0.7 point, down from last week when it averaged 6.03 percent. A year ago, the five-year ARM averaged 5.31 percent.

One-year Treasury-indexed ARMs averaged 5.37 percent this week, with an average 0.8 point, down from last week when it averaged 5.45 percent. At this time last year, the one-year ARM averaged 4.20 percent.

"Financial markets, hedging against the potential build up in inflation, pushed mortgage rates higher last week," said Frank Nothaft, Freddie Mac vice president and chief economist. "However, market indicators this week seemed to point to less of a threat of inflation, and that allowed rates to drift a little lower."

"Housing starts fell in February as expected, but were still stronger than had been forecast, while January figures were revised upward. This is a good sign that housing activity, although slowing from record levels set in the past few years, will continue to remain healthy this year."
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