Mortgage rates ease for the 1st time in 5 weeks, but no all of them!

This week, Freddie Mac’s Primary Mortgage Market Survey showed that the 30-year fixed-rate mortgage (FRM) averaged 6.26% (with an average of 0.6 points) for the week ending February 23, 2006. This average is LOWER from last week; which was at 6.28%.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.96% for the week ending February 23, 2006 (with an average of 0.6 points). This average is slightly HIGHER from last week when it averaged 5.95%.

One-year Treasury-indexed ARMs averaged 5.32% this week (with an average of 0.7 points). This average is LOWER from last week when the average was at 5.36%.

Frank Nothaft, Freddie Mac vice president and chief economist, explained “Tame core inflation figures and market confidence that the Fed will continue to keep inflation low kept mortgage rates in check this week,” “Over the long term, we expect mortgage rates will bounce back and forth a bit, remaining near current levels.”

I will have to say that you better catch a good fixed rate while you can or at least catch a variable loan with a longer fixed rate period. Stop waiting and get rid of those dangerous loans you have now!

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February 24th, 2006 · Filed Under Keeping an Eye on the Market

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