Long Term Mortgage rates fall for the 6th straight week!!

Freddie Mac’s Primary Mortgage Market Survey showed that the 30-year fixed-rate mortgage (FRM) averaged 6.10% (with an average of 0.5 points) for the week ending January 19, 2006. This average was down from last week; which was at 6.15%. This is the lowest it has been since the week ending October 20, 2005 when it also averaged 6.10%.

The average for the 15-year fixed-rate mortgage is at 5.67% for this week; which is down from last week’s average of 5.71%.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.75% for the week ending January 19, 2006 (with an average of 0.6 points). This average was slightly down from last week; which was at 5.76%

One-year Treasury-indexed ARMs averaged 5.18% this week (with an average of 0.6 points). This average is UP from last week when the average was at 5.15%.

Frank Nothaft, Freddie Mac vice president and chief economist, explained “Over the last six weeks, long-term mortgage rates have dropped nearly a quarter of a percent in the face of little or no inflationary pressure,” “Our outlook for the housing industry continues to be that mortgage rates will remain affordable for the rest of the year at least, keeping the industry alive and well into the foreseeable future.”

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January 20th, 2006 · Filed Under Keeping an Eye on the Market

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