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Lower Rates Help Homebuyers with Rates Ready to Reset

Written by Posted On Friday, 14 September 2007 00:00

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 6.31 percent with an average 0.5 point for the week ending September 13, 2007, down from last week when it averaged 6.46 percent. Last year at this time, the 30-year FRM averaged 6.43 percent.

The 15-year FRM this week averaged 5.97 percent with an average 0.4 point, down from last week when it averaged 6.15 percent. A year ago, the 15-year FRM averaged 6.11 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.17 percent this week, with an average 0.6 point, down from last week when it averaged 6.32 percent. A year ago, the 5-year ARM averaged 6.10 percent.

One-year Treasury-indexed ARMs averaged 5.66 percent this week with an average 0.8 point, down from last week when it averaged 5.74 percent. At this time last year, the 1-year ARM averaged 5.60 percent.

"Interest rates on prime conforming loans fell across the board in the past week, with rates on 30-year fixed mortgages averaging 0.15 percentage points below the previous week's level," said Frank Nothaft, Freddie Mac vice president and chief economist. "The drop in mortgage rates may give some relief to borrowers who are looking to refinance or purchase a home.

"As a matter of fact, all the mortgage products I Freddie Mac's survey this week were lower than they were at the same time last year."

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