Mortgage Rates drift slightly higher!

This week, Freddie Mac’s Primary Mortgage Market Survey showed that the 30-year fixed-rate mortgage (FRM) averaged 6.24% (with an average of 0.6 points) for the week ending February 9, 2006. This average is slightly HIGHER from last week; which was at 6.23%.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.89% for the week ending February 9, 2006 (with an average of 0.7 points). This average is slightly HIGHER from last week when it averaged 5.87%.

One-year Treasury-indexed ARMs averaged 5.34% this week (with an average of 0.5 points). This average is slightly HIGHER from last week when the average was at 5.33%.

Frank Nothaft, Freddie Mac vice president and chief economist, explained “With no big economic news to influence the direccion of mortgage rates this week, the numbers drifted verly slightly upward,” “We see this trend continuing throughout 2006, with the 30-year FRM ending the year at about 6.3% as the housing market eases back from last year’s record settling levels toward a somewhat more normal rate of activity”

Should I repost the same message I’ve been repeating over and over again, which said that this is the best time to get rid of those interest-only, Option ARM and variable mortgages? May be not, I think you are smart enough to realize what I’ve been saying.

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February 10th, 2006 · Filed Under Keeping an Eye on the Market

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