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 6.33 percent with an average 0.6 point for the week ending November 9, 2006, up from last week when it averaged 6.31 percent. Last year at this time, the 30-year FRM averaged 6.36 percent.

The 15-year FRM this week averaged 6.04 percent with an average 0.6 point, up from last week when it averaged 6.02 percent. A year ago, the 15-year FRM averaged 5.89 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.08 percent this week, with an average 0.7 point, up from last week when it averaged 6.05 percent. A year ago, the five-year ARM averaged 5.81 percent.

One-year Treasury-indexed ARMs averaged 5.55 percent this week with an average 0.8 point, up from last week when it averaged 5.53 percent. At this time last year, the one-year ARM averaged 5.12 percent.

"Mortgage rates rose earlier in the week on news of large upward revisions over the past three months in employment figures, but began to drift lower as the market looked more deeply into the numbers," said Frank Nothaft, Freddie Mac vice president and chief economist. "For instance, in October the construction industry lost jobs, primarily due to the slowing housing market.

"That same slowing housing market shaved a little over 1 percentage point from the growth rate of Gross Domestic Product (GDP) in the third quarter. However, we expect that the GDP growth rate will increase in the final quarter of this year, although that increase is expected to come from areas other than housing."

Published: November 10, 2006

Use of this article without permission is a violation of federal copyright laws.