McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.36 percent with an average 0.5 point for the week ending October 19, 2006, down slightly from last week when it averaged 6.37 percent. Last year at this time, the 30-year FRM averaged 6.10 percent.

The 15-year FRM this week averaged 6.06 percent with an average 0.5 point, unchanged from last week. A year ago, the 15-year FRM averaged 5.65 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.11 percent this week, with an average 0.5 point, up slightly from last week when it averaged 6.10 percent. A year ago, the five-year ARM averaged 5.59 percent.

One-year Treasury-indexed ARMs averaged 5.57 percent this week with an average 0.8 point, up slightly from last week when it averaged 5.56 percent. At this time last year, the one-year ARM averaged 4.89 percent.

"Mortgage rates didn’t move much either way this week as the markets wait for the next scheduled FOMC meeting," said Frank Nothaft, Freddie Mac vice president and chief economist. "General consensus leans heavily toward the notion that the Fed will not raise rates at that meeting, taking upward pressure off mortgage rates this week."

"A rate change in either direction would impact short-term rates more directly, but what the Fed says in its statement can have an impact on long-term rates."

Published: October 20, 2006

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